Ahold Reports Another Strong Quarter, Ups Fiscal-Year 2022 Profit Guidance but Q3 FCF Lower

Koninklijke Ahold Delhaize released third-quarter results that included net sales up 20.8% to EUR 22.4 billion (up 9.1% at constant exchange rates), surprising on the upside. More specifically, net sales were ahead of the company-compiled consensus (EUR 22.4 billion versus EUR 21.8 billion) with underlying operating income of EUR 993 million ahead of the EUR 883 million company-compiled consensus. Comparable sales growth was 8.2% and 7.4% for the United States and Europe, respectively, versus 6.2% and 5.2% estimates for company-compiled consensus.