The numbers are “rock solid,” says market analyst Jean-Paul van Oudheusden of trading platform eToro. However, according to him, Ahold Delhaize feels that the recession is approaching, mainly due to the high energy costs the company faces. “If you’re going to keep all those stores running, you’re always looking on excitedly and thinking: What will 2023 bring?” So it’s not the time for crazy things, they have to keep everything neat within the lines.’
In addition, strikes by employees of Albert Heijn in the Netherlands and the Belgian Delhaize also play a role. ‘You can see from the results that margins are really under pressure. What you see with other companies is revenue is growing, mostly because prices have gone up even faster than inflation. You certainly don’t see that in Ahold Delhaize. All of these factors contribute to the margins being a bit lower, certainly compared to the fourth quarter.’
Economic decline
According to Van Oudheusden, Ahold Delhaize is therefore facing an exciting year. ‘What will energy prices do? How much money does the consumer have left? In the supermarket industry, it is life’s basic necessities, so that the customer keeps coming. You don’t have to worry much. But as I said: if there is more economic contraction, you will see it and the results will be less euphoric than for all of 2022’.