Colruyt First Look: Strong 1H23/24 results, but outlook could be stronger
Colruyt reported a very strong set of 1H23/24 results, with the revenue of € 5.48bn coming in above expectations (kbcse: € 5.34bn, BB CSS: € 5.32bn). This resulted in a 128% EBIT increase to € 246m, or respectively 22% and 30% above kbcse and BB CSS. Following the strong beat, Colruyt further finetuned its outlook and now banks on a 50 to 60% increase in EBIT and net profit excluding one offs for FY23/24. This compares to an increase of “above 50%” previously. The group further mentioned that competition remains fierce and that it sees an uptick in price and promo pressure as of late summer. Although the results were stronger than expected, the new outlook does imply a step back in 2H23/24. Hold and € 40.0 TP reiterated.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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