Colruyt Group N.V. : TP cut to € 22 on guided considerable drop in net profit; Neutral reiterated
>Very negative tone at Colruyt’s AGM last week - At last week’s AGM, Colruyt management made very negative statements about the Belgian economy and the implications of this for the group’s operations. Management mentioned high inflation, substantial cost increases, negative business and consumer confidence, and forecast stagnating economic growth for the coming winter. Moreover, the Belgian retail market is marked by declining volumes in food stores and thus remains h...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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