Colruyt: Lemon (and short) squeeze - reiterate UW

研报英文原文证据摘录

Colruyt: Lemon (and short) squeeze - reiterate UW

mpact the 2021/22 result outlook.

Colruyt Group expects the current macroeconomic context, which is marked by inflation, cost

increases and a negative consumer confidence, to continue. And this in a market environment

2022 (Inflation Spike) thatgroupis particularlyis unable tocompetitive.make any statementsIn light of thein thisuncertaintyregard andcausedthesebyexpectationsthe geopoliticalmaysituation,have to bethe -42% 4.8% -23.0% 2.9% -21.0%

revised in due course. Colruyt Group expects the consolidated net result excluding possible one-off

effects to further decrease in 2022/23 compared to 2021/22.

Colruyt Group expects the macroeconomic context to remain challenging and uncertain and the

fierce competitiveness in the Belgian retail market to continue. Colruyt Group expects the operating profit

2023 (Consumer downtrading) andincreasethe netsignificantlyresult (i.e.inexcludingthe financialone-offyeareffects2023/24.in theThefinancialgroup pointsyear 2023/24out that andthe uncertaintyexcluding DATSassociated24) to 89% 11.9% 67.0% 4.3% 75.0%

with the macroeconomic context and the high competitiveness in the Belgian retail market may impact

the 2023/24 outlook.

The group expects the macroeconomic context to remain challenging and uncertain and the fierce

competitiveness in the Belgian retail market to continue. We also see that an increasing number

of independent retailers open on Sundays. Price and promotional pressure in the Belgian retail

market are expected to persist. The group observed the following trends in the Belgian retail market in

2024 (disinflation) recent months food inflation is declining month over month; the difference between sales price inflation -12% 1.1% -5.0% 4.1% -10.0%