Royal Ahold Delhaize, the Dutch grocer, has revised its full-year guidance, despite a decline in third-quarter net profit that was worse than expected. The company also revealed its plans for a share buyback program.
Revised Full-Year Guidance
Royal Ahold Delhaize now projects its free cash flow for 2023 to be in the range of 2.2 billion euros to 2.4 billion euros ($2.35 billion to $2.57 billion), surpassing its previous target range of between EUR2.0 billion and EUR2.2 billion.
Decline in Third-Quarter Net Profit
The company reported a net profit of EUR394 million for the quarter, a decrease from EUR589 million in the same period last year. This figure falls short of the company-provided consensus estimate of EUR590 million.
Net Sales Figures
Net sales for the quarter amounted to EUR21.93 billion, down from EUR22.41 billion in the prior year. However, this result is in line with the company’s compiled consensus of EUR21.95 billion.
Share Buyback Program
Ahold Delhaize has outlined plans for a EUR1 billion share buyback program, which is scheduled to commence at the beginning of 2024.