At the end of the third Quarter of 2004, Consolidated Turnover for "ALFA-BETA" VASSILOPOULOS increased by 3.1% from EUR 652.98 million to EUR 673.09 million. For "ALFA-BETA" standalone, Turnover increased by 3.3% from EUR 571.55 million to EUR 590.27 million.

Consolidated Net Profit before Taxes has significantly improved by 76.7% to EUR 5.41 million, from EUR 3.06 million in comparison to the corresponding period in 2003. The continuous improvement of TROFO's profit as well as the positive results of ENA contributed to this significant increase. A satisfactory improvement was also realized at "ALFA-BETA" standalone where Net Profit before Taxes increased by 10.9% and reached EUR 6.51 million from EUR 5.87 million in the 3rd Quarter of 2003.

Athens, November 25, 2004 - "ALFA-BETA" VASSILOPOULOS S.A. (Athens Stock Exchange: BASIK), announces Company's performance during the first nine months of 2004.

THIRD QUARTER 2004 EARNINGS
At the end of 3rd Quarter 2004, Consolidated Turnover increased by 3.1% to EUR 673,09 million and was influenced by a number of events during the last nine months, such as:
The continuous weak market as well as intensifying price competition The price reduction of 2,300 products aiming to strengthen "ALFA-BETA's" competitive position
Public construction projects in view of the Olympic Games, which impeded the access of many stores, affecting negatively their operations.
Consolidated Gross Profit increased by 3.2% from 145.62 million EUR in the first nine months of 2003 to 150.27 million EUR in the first nine months of 2004.
Consolidated Operating Expenses before Depreciation increased by 5.4% from 119.59 million EUR in the first nine months of 2003 to 126.08 million EUR in the corresponding period of 2004. This increase is mainly due to increased advertisement expenses to support both the price initiatives and the AB Visa Card launch as well as to expenses regarding stores, which will be opened in the coming period.
Consolidated Earnings before Depreciation, Interest, Taxes and Extraordinary Results (EBITDA) amounted to 27.35 million EUR in the first nine months of 2004, from 28.66 million EUR in 2003, showing a decrease by 4.6%, mainly due to the Operating Expenses increase.
Consolidated Depreciations of the group within the first nine months of 2004 amounted to 18.62 million EUR against 18.90 million EUR in 2003 (decrease by 1.5%).
Consolidated Net Profit before Taxes showed a significant increase by 76.7% and amounted to 5.41 million EUR compared to 3.06 million EUR in 2003 due to lower interest expenses, which resulted from good working capital management, as well as the improved results of TROFO and ENA.
The Operating Margin increased from 0.5% in the end of 3rd Quarter 2003 to 0.8% in 2004.

2004 OUTLOOK
In August 2004, two new stores were inaugurated, one supermarket in Spata and one City store in Gizi. Also, before the end of the year the opening of two new stores is planned, including one in Thessaloniki.

"ALFA-BETA" VASSILOPOULOS S.A.
"ALFA-BETA" VASSILOPOULOS S.A., is a food retail company established in 1969 and member of the Belgian Delhaize Group since 1992. At the end of 2003, "ALFA-BETA" operated 106 stores and employed 6,453 people. In 2003, the company's Turnover amounted to EUR 901.6 million and Net Profit to EUR 9.5 million. "ALFA-BETA" VASSILOPOULOS S.A. is listed on Athens Stock Exchange (ABK) since