Bernstein Expects 'Tough' Q2 for Ahold Delhaize; EPS Estimates Updated

Bernstein anticipates a "tough" second quarter for Koninklijke Ahold Delhaize (AD.AS), citing headwinds in its US and European businesses. "We expect +0.7% [like-for-like sales] and 4.2% margins (-10bps YoY) in the US. In Europe, we expect 1.2% LFLs and 3.6% margins (-10bps YoY)," analysts said, noting they are behind market expectations on LFLs and EBIT in both segments. The food retailer is scheduled to publish its second-quarter results on Aug. 5. In the US, the research firm flagged a slowing food market, rising transport costs, supermarket "weakness" relative to big-box competitors and increased promotional spending. Meanwhile, in Europe, Bernstein noted "broad sequential disinflation" impacting LFLs, consumer financial pressures and Serbian pricing caps. Against this backdrop, Bernstein analysts lowered their full-year 2026 and 2027 adjusted EPS projections to 2.71 euros and 3.06 euros, respectively, from 2.80 euros and 3.10 euros. The stock is rated at market-perform, with a price target of 38 euros.