Ahold Reports 1Q Results in Line With Expectations; Shares Trading Close to Fair Value Estimate
No-moat food retailer Ahold Delhaize reported in line first-quarter results, with the Dutch market being the main contributor to the Group’s performance. First-quarter pro forma sales rose 0.6% at constant currencies, since the comparable sales growth in NL and CSE was offset by an Ahold USA sales decline. Below the top line, pro forma underlying operating margin improved 20 basis points to 3.8%, mainly due to the synergies of €56 million delivered this quarter. We are maintaining our EUR 21 fai...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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