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Koninklijke Ahold Delhaize NV ADR ADRNY

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Q2 Ahead for Ahold Delhaize With a Second Raise in Guidance for the Year

Analyst Note

| Ioannis Pontikis, CFA |

Koninklijke Ahold Delhaize released second-quarter results that included sales up 3% (at constant currency) to EUR 18.6 billion, ahead of company-compiled consensus expectations of EUR 17.9 billion. Comparable sales growth was down 1.5% for the United States and up 2.4% for Europe versus consensus of 0% and 0.6%, respectively. Online sales growth across regions continued to be strong (up 61% in the U.S. and 26.9% in Europe), reflecting the group's resilience and solid presence in online as well as the long-lasting impact of COVID-19 on consumer behavior. The underlying operating margin for the group was 4.4%, down 80 basis points versus last year, a function of tough 2020 comparables due to robust sales growth and operating leverage benefits that preceded significant investments related to the coronavirus to enhance pay and benefits, as well as extra costs associated with safety measures in stores.

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Company Profile

Business Description

Ahold Delhaize is the product of the July 2016 merger between Netherlands-based Ahold and Belgium's Delhaize, forming the fourth-largest grocer in the U.S. and a top player in many parts of Europe. The United States is the largest market, accounting for about 60% of group sales, with Ahold Delhaize the leading grocer on the Eastern seaboard. The U.S. store network stretches from Maine to Georgia and includes such banners as Stop & Shop, Giant Carlisle, Giant Landover, Food Lion, Hannaford, and Peapod. The Netherlands and Belgium account for about 22% and 7% of sales, respectively, and Ahold Delhaize holds the number-one and number-two positions in these countries. A further 11% of sales come from Central and Southeastern Europe, including the Czech Republic, Greece, Romania, and Serbia.

Provincialeweg 11
Zaandam, NH, 1506 MA, Netherlands
T +31 886595100
Sector Consumer Defensive
Industry Grocery Stores
Most Recent Earnings Jun 30, 2021
Fiscal Year End Jan 3, 2022
Stock Type
Employees 410,000