Netherlands' Sligro drops on 'disappointing' results

Sligro Food

02/02/2023 09:09

** Shares in Sligro Food Group  SLIGR.AS  fall more than 6%
as the Dutch food retailer reports lower-than-expected
profitability in its 2022 results
    ** The group posts net profit of 39 million euros ($42.92
million) for fiscal 2022 vs ABN-Amro ODDO's forecast of 49
million euros
    ** Broker adds operating costs, amounting to 620 million
euros, implied a group operating profit of 43 million euros,
below 57 million euros in consensus compiled by co
    ** "To conclude, disappointing 2022 results (...) and a
meagre dividend," ABN-Amro ODDO says in a note, referring to the
proposed dividend of 0.25 euros
    ** Sligro forecasts Ebitda losses of around 20 million euros
in 2023 after acquisition of 9 Metro wholesale assets in
Belgium, while broker had assumed a loss of 11 million euros
    ** ING notes Ebitda also came in at 13% below
company-compiled consensus, at 126 million euros
    ** "Managing inflation was a dominant issue and had a major
impact on purchase prices, products and costs, resulting in
lower than anticipated profitability and disappointing
performance on every key line of the P&L, and higher than
expected net debt," says ING
($1 = 0.9088 euros)
 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))