Ahold Delhaize Model fine-tuning in light of H1 figures
While management was clear that promotional activity would return to a higher and more normalised level in H2 in the US, driving a potential improvement in LfL growth, we suspect that the problem at the Ahold banners (especially Stop & Shop and Giant) is deeper and that the recovery could require more than price investments over one semester. More fundamentally, and despite good performances in Europe, we do not see any levers to improve margins now that the merger synergies have been almost fully delivered. Neutral confirmed ahead of the Capital Markets Day in the US in November where management should share its post-integration vision.
Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.
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