Ahold Delhaize Q3 results:

Results here, showing a particularly strong growth in the US, but also market share gains in both Netherlands and Belgium, where online capacity was also increased. 


  • Net sales were €17.8 billion, up 6.8%; up 10.1% at constant exchange rates

  • U.S. and Europe comp sales growth excluding gas in Q3 was up 12.4% and 7.5%, respectively 

  • Net consumer online sales grew 62.6% in Q3 at constant exchange rates

  • COVID-19 related costs were approximately €470 million YTD and €140 million in Q3, including safety measures and enhanced associate pay 

  • Underlying operating margin was 4.6% in Q3, up 0.2% points from the prior year at constant exchange rates 

  • Diluted underlying EPS of €0.50, up 12.3%; up 15.9% at constant exchange rates 

  • 2020 underlying EPS outlook raised to the high 20% range; free cash flow to be at least €1.7 billion, net of Q4 payment for U.S. pension withdrawal, and capital expenditures of around €2.5 billion 

  • Announcing a new €1 billion share buyback program to start at the beginning of 2021
Source: Gavin Rothwell daily updates

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