Research, Charts & Company Announcements
Research Tree offers COLRUYT SA research coverage from 1 professional analysts, and we have 1 reports on our platform.
Our simple but effective charting function allows for a quick scan of COLRUYT SA's performance over multiple time horizons.
Frequency of research reports
Research reports on COLRUYT SA
Providers covering COLRUYT SA
Tougher year ahead
17 Jul 15
In a challenging Belgian grocery market, Colruyt released revenues up 3% to €8.9bn. Due to the pressure on sales prices, volume growth was not fully reflected in revenue growth. Price pressure was brought about by price deflation, competition and the consumer trend towards cheaper products. The group continued to invest in employees, processes and efficiency gains. These investments and the fact that higher sales volumes were not entirely reflected in revenue growth, caused net operating expenses to rise slightly more than revenue. With the gross margin being in line with the prior year's level, the EBITDA margin remained stable at 7.9% of revenue. On 19 June 2015, Colruyt signed a settlement with the Investigation Service of the Belgian Competition Authority in relation to the period 2002-07. By doing this, Colruyt Group accepts that infringements of the Belgian competition rules were committed in the period 2002-07. However, the group assures that it did not set up a price-fixing scheme with other distributors and suppliers. Colruyt Group wants to refrain from engaging in years of legal wrangling with the government over the substance of the case and over facts that date back more than ten years. It has therefore decided to sign the Investigation Service’s settlement and pay a fine of €36.1m.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
On the right track
05 Oct 16
THe Q2 figures witnessed a third consecutive lfl positive growth leading to a H1 16 sales improvement of 1.0% on a lfl basis. H1 sales stood at £24.4bn (£27,338m including fuel) following a promising Q2 (0.9% in the UK and 2.1% for international markets). Tesco’s sales have benefited from the increase in both volume and transactions in all markets. All formats – including the largest and the Extra formats – saw an improving trend in lfl sales performance throughout the half. H1 operating profit came in at £596m, i.e. a 2.2% operating margin and management expects £1.2bn for the whole year. This positive trend in the margin will continue according to management and reach 3.5-4.0% by 2019/20. Net debt decreased to £4,352m but total indebtedness surged by £3,400m with a ballooning pension deficit due to low UK bond yields, in the aftermath of Brexit.
Lower than expected margin
24 Oct 16
Jeronimo Martins released strong Q3 sales growth leading to a 5.5% rise over the last nine months. Total sales reached €10,738m and EBITDA stood at €626,9m, i.e. an EBITDA margin at 5.8%, flat compared to 2015. The 9M net result came in at €501.6m, including gains from the Monterroio disposal for €224m. Adjusted net profit amounted to €266m, 5.6% yoy, boosted by a lower cost of debt. Biedronka remains the main driver for both the group’s top-line and profitability which offset a slight decrease in the Polish business margin (10bp). The underperformance of Ara and Hebe is more pronounced this year due to Ara’s network expansion (expected to be above 2015’s level). Despite the substantial capex, JM continues to enjoy a solid balance sheet with a lower debt burden (reaching €326m vs. €658m in 2015).
Ongoing refocus on core business
28 Jun 16
After three years of decline, Tesco has shown a second consecutive quarter of sales growth in the UK. In its domestic market, sales increased by 0.3% lfl despite the steady challenging environment with continued deflation and stiff competition from the discounters Aldi and Lidl. There was a deflationary impact of c.-0.7% on total UK lfl sales. International lfl sales climbed (+3.0%) due to the positive result from both Asia and Europe, leading to a 0.9% rise on a lfl basis over this Q1 16/17. This positive trend includes a small contribution from new store openings, with total sales growing by 1.1% at constant rates. At actual exchange rates, sales grew by 1.8% including a 0.7% positive foreign exchange translation effect due to the weakening of sterling, principally against European currencies.