Ahold Delhaize FIRST LOOK: Strong US margin countered by temporary headwind in EU
Ahold Delhaize reported a nice set of 1Q23 results with group sales and underlying EBIT coming in 0.5% and 4.3% above expectations. This was largely driven by a very strong margin improvement of 40bps in the US, partially countered by a 70bps contraction in Europe following higher energy costs and strikes at the BE Delhaize stores. However, we believe the restructuring an BE will have positive impacts in the longer run. We reiterate our Buy rating and slightly increase our TP from € 33.0 to € 34.0 ps.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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