Q3 comparable sales excluding gas increased by 3.1% for the Group, 0.9% in the U.S. and 7.0% in Europe. Increased market share in key markets reflects strong customer loyalty to our locally tailored customer value propositions.
Q3 Group net sales were €21.9 billion, up 2.9% at constant exchange rates and down 2.1% at actual exchange rates.
Net consumer online sales increased by 6.4% in Q3 at constant exchange rates. Double-digit growth at Food Lion and Hannaford as well a strong market share gain at bol fueled this performance.
Q3 underlying operating margin was 3.8%, a decrease of 0.6 percentage points, reflecting a decline in the U.S. margin due to higher operating costs, the cycling of a favorable 0.2 percentage-point insurance reserve release and a 0.1 percentage-point decline in insurance benefits at the Global Support Office.
Q3 IFRS-reported operating income was €625 million and Q3 IFRS-reported diluted EPS was €0.41. IFRS-reported operating income is lower than underlying operating income, primarily due to an impairment charge of €153 million related to FreshDirect and €61 million in restructuring and related costs due to the transformation in Belgium and other Accelerate initiatives.
Q3 diluted underlying EPS was €0.58, a decrease of 17.1% compared to the prior year at actual rates.
For 2023, the Company now expects free cash flow in a range of €2.2 billion to €2.4 billion (previously: a range from €2.0 to €2.2 billion); underlying EPS slightly below 2022 levels (previously: around 2022 levels); and net capital expenditures of approximately €2.4 billion (previously: €2.5 billion). The Company reiterates underlying operating margin of ?4.0%.
Ahold Delhaize recently announced the planned addition of local Romanian supermarket chain Profi. The implied fully synergized acquisition multiple is approximately 7x on a June 2023 Last Twelve Months (LTM) EBITDA basis (post IFRS 16). With sales of €2.5 billion, the acquisition underscores our commitment to high-growth markets and assets with strong accretion potential (see Note 14: Subsequent events).
Ahold Delhaize announces it has entered into an agreement to sell FreshDirect to Getir (see Note 14: Subsequent events).
Ahold Delhaize announces a €1 billion share buyback program to start at the beginning of 2024.
Ahold Delhaize announces Strategy Day to be held in the Netherlands in May 2024.

Zaandam, the Netherlands, November 8, 2023 – Ahold Delhaize, one of the world’s largest food retail groups and a leader in both supermarkets and e-commerce, reports third quarter results today.


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