Our brands' efforts to provide customers with the best value at competitive prices continue to deliver strong financial results. Through our Save for Our Customers cost-savings program and by continuing to invest in the expansion of low-cost, high-quality own-brand assortments and personalized benefits through digital omnichannel and loyalty programs, our brands are well positioned to best serve their customers and local communities during these challenging times of elevated inflation.

Q1 Group net sales were €21.6 billion, up 6.3% at constant exchange rates and up 9.4% at actual exchange rates.

Q1 comparable sales excluding gas increased by 6.2% in the U.S. and 6.1% in Europe.

Net consumer online sales increased by 5.9% in Q1 at constant exchange rates. Grocery online sales increased 9.7% at constant rates.

Q1 underlying operating margin was 4.0%, a decrease of 0.2 percentage points. Strong underlying U.S. margin partially offset declines in European margin and a reduction in GSO insurance gains.

Q1 IFRS-reported operating income was €822 million and Q1 IFRS-reported diluted EPS was €0.57.

Q1 diluted underlying EPS was €0.61, an increase of 10.5% over the prior year at actual rates.

The Company reiterates its 2023 full-year outlook, including underlying operating margin of ?4.0%; underlying EPS at around 2022 levels; free cash flow of approximately €2.0 billion; and net capital expenditures of approximately €2.5 billion.

Zaandam, the Netherlands, May 10, 2023 – Ahold Delhaize, one of the world’s largest food retail groups and a leader in both supermarkets and e-commerce, reports first quarter results today.

Summary of key financial data
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