Consolidated Turnover increased by 3.0%, from 213.42 million EUR in Q1 2003 to 219.85 million EUR in Q1 2004, while for "ALFA-BETA" standalone Turnover increased by 3.3% and reached 195.82 million EUR from 189.51 million EUR in comparison to the corresponding Quarter in 2003.

Consolidated Net Profit (Losses) before Taxes was improved by 57.6% in comparison to Q1 2003, and amounted to (0.65) million EUR, from (1.53) million EUR in Q1 2003. For ?ALFA-BETA? standalone Net Profit before Taxes increased by 50.8% and reached 1.37 million EUR from 0.91 million EUR in Q1 2003.

The Board of Directors of "ALFA-BETA" has decided to propose a dividend payment of 0.24 EUR per share for fiscal year 2003.

"ALFA-BETA" VASSILOPOULOS S.A. (Athens Stock Exchange: ABK), announces Company's performance during first quarter 2004.

FIRST QUARTER 2004 EARNINGS

In the first quarter of 2004, Consolidated Sales increased by 3.0% to EUR 219.85 million and were influenced by:
The price reduction of 2,300 products aiming to strengthen ?ALFA-BETA? ?s competitive position.
The weak market performance and the strong price competition, which characterized the food retail sector during last months.

Consolidated Gross Profit increased by 4.2% from 45.2 million EUR in Q1 2003 to 47.1 million EUR in Q1 2004. This increase confirms the success of the commercial policy and the promotional methods of the group.

Consolidated Operating Expenses before Depreciation increased by 5.8% from 38.9 million EUR in Q1 2003 to 41.1 million EUR in Q1 2004. This increase was mainly due to increased advertisement expenses to support the price initiatives.

Consolidated Earnings before Depreciation, Interest, Taxes and Extraordinary Results (EBITDA) amounted to 6.9 million EUR in Q1 2004, from 7.2 million EUR in Q1 2003, showing a decrease by 3.5%, mainly due to the increased operating expenses.

Consolidated Depreciations of the group within the Q1 2004 amounted to 6.0 million EUR against 5.7 million EUR in Q1 2003 (increase by 5.7%). This increase was due to investments in new stores and stores remodeling in 2003.

Consolidated Net Profit (Losses) before Taxes improved by 57.6% in comparison to Q1 2003, and amounted to (0.65) million EUR, from (1.53) million EUR in 2003 due to the lower interest expenses because of the positive management of the working capital.

The Operating Margin improved from (0.7)% in Q1 2003 to (0.3)% in Q1 2004.

2004 OUTLOOK

For 2004, the opening of six new stores is planned, including two City stores and one store in Thessaloniki.
Also in Company?s plans is included the expansion of the franchise network in Attica and provinces aiming to include 28 TROFO Market stores by the end 2004.