Ahold Delhaize reports underlying EPS down 2.9% to €0.59 for the first quarter of 2024, as well as a stable underlying operating margin at 4%, with an improvement in Europe offsetting a slight decline in the US.

The food retailer's sales rose 0.4% to €21.7 billion, with comparable sales excluding petrol up 1.6%, with increases of 0.8% in the US and 2.8% in Europe.

"We are starting to see the benefits of the structural changes in our business linked to the Future Plan for Belgium and the previous year's cost-cutting initiatives," says the Belgian-Dutch company.

Ahold Delhaize reiterates its outlook for 2024, including underlying EPS at around the previous year's level, an underlying operating margin of at least 4% and free cash flow of around 2.3 billion.

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