Colruyt’s FY21/22 performance was below our and the market expectations. Although the top line improved slightly (resulting in market share gains in Belgium), the profitability decline was worse than the street estimates. A tough comparable base (in retail) and inflationary headwinds (especially in H2 FY21/22) were the key reasons. The management has issued profit warning (group net income to reduce further in FY22/23) on the back of the unfavourable macroeconomic context. We will reduce our fin ....
15 Jun 2022
Inflation bites hard; poor outlook for FY22/23
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Inflation bites hard; poor outlook for FY22/23
- Published:
15 Jun 2022 -
Author:
Nishant Choudhary -
Pages:
3
Colruyt’s FY21/22 performance was below our and the market expectations. Although the top line improved slightly (resulting in market share gains in Belgium), the profitability decline was worse than the street estimates. A tough comparable base (in retail) and inflationary headwinds (especially in H2 FY21/22) were the key reasons. The management has issued profit warning (group net income to reduce further in FY22/23) on the back of the unfavourable macroeconomic context. We will reduce our fin ....