Colruyt outperforms BEL 20 index after H1 beat

Colruyt NV

13/12/2023 09:05

** Shares in supermarket chain Colruyt  COLR.BR  rise over
4%, among the best performers on Belgium's BEL 20  .BFX  index,
after it beat expectations on H1 sales and EBIT
    ** Its H1 revenue of 5.48 billion euros ($5.91 billion) and
EBIT of 246 million euros both came above a Bloomberg consensus
and KBC Securities' estimates, the broker says
    ** The company forecast a 50-60% increase in FY EBIT and net
profit, after previously guiding for an above 50% rise
    ** Degroof Petercam says H1 results exceeded expectations,
highlighting strong cash flow; it expects to raise its FY EBIT
estimate by 3-4%
    ** ING, however, says the results were "a mixed bag", while
Colruyt's "cautious" tone on outlook highlights the importance
of the year-end period
    ** KBC also says the outlook implies a step back in H2 of
the year and "could be stronger"
    ** The stock has gained 92% YTD and is on track for best day
since late September
      
($1 = 0.9273 euros)

 (Reporting by Dagmarah Mackos)
 ((Dagmarah.mackos@tr.com))