Colruyt No surprises in the AGM outlook update
As usual, Colruyt's AGM included an update on the outlook. However, contrary to previous years, the outlook did not contain any major surprises, with the group reiterating its June 24 ambitions. This implies a stable operating and net profit compared to FY23/24 (excluding one-offs). However, Colruyt does expect the result to be slightly lower in 1H24/25. This was not communicated previously. We reiterate our Hold 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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