Colruyt Conference call feedback & model update
FY23/24 group sales increased 11.9% and +9.0% on a comparable base to € 10.84bn (kbcse: € 10.88bn), while the EBIT increased by 67.2% to € 470m, ahead of our estimated € 442m. However, Colruyt mentioned that competition and promo pressure increased since the start of 2024, while the difference between sales and cost price inflation has been narrowing. As a result, Colruyt now aims to match this year's result in FY24/25, or in line with our estimates. We therefore reiterate our Hold rating and € 40.0 TP.Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.
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