Supermarket retailer Ahold shelves plan to spin off Bol.com
2022.08.10 10:26
FILE PHOTO: The Ahold Delhaize logo is seen at the company’s headquarters in Zaandam, Netherlands August 23, 2018. REUTERS/Eva Plevier/File Photo
AMSTERDAM (Reuters) -Supermarket major Ahold Delhaize said on Wednesday it was postponing plans for an initial public offering (IPO) of its non-food retailer, Bol.com, because of unfavourable market conditions.
The group had planned to list Bol.com in the second half of the year, but said in a quarterly earnings statement it had decided to suspend this, adding that it would revisit the plans when equity market conditions are “more conducive”.
Ahold said total second-quarter group sales increased 15% to 21.4 billion euros ($21.85 billion), in line with an average company-compiled analyst consensus. Underlying operating income of 880 million euros beat an 815 million euro company-compiled estimate based on 16 analysts, it said.
The company nudged up its full-year earnings per share outlook to “mid-single-digit growth” compared with 2021 levels. In May, it had forecast a decline of low-to mid-single digits.
“Our results in the first half of the year provide management with the confidence to raise the underlying EPS growth outlook for 2022,” it said.
Ahold CEO Frans Muller said that Ahold remains “committed to securing the right future path to unlock value for Bol.com and Ahold Delhaize, and will revisit opportunities when market conditions are more conducive.”
Net consumer online sales at Bol.com declined by 2.1% in the second quarter, Ahold said, after having jumped 24.2% in the comparative quarter of 2021, when e-commerce was heavily supported by the pandemic.
($1 = 0.9793 euros)
