Ahold Delhaize 1Q24: Conference call feedback
Ahold Delhaize reported a nice set of 1Q24 results, with comparable sales increasing 1.6% y/y to € 21.7bn (kbcse: € 21.6bn, css: € 21.5bn), while the underlying operating result increased 0.7% at constant fx to € 861m (kbcse: € 825m, css: € 824). Following the good results, Ahold reiterates its outlook. Given that we expected 1Q24 to be the softest quarter of the year, we reiterate our Buy rating and € 32.0 TP.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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