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Home News Food retailer Ahold Delhaize delays Bol.com IPO

Food retailer Ahold Delhaize delays Bol.com IPO

Published on 10/08/2022
Published from AFP.com

Food retailer Ahold Delhaize, which owns supermarkets in the United States, Europe and Indonesia, said Wednesday it was postponing the listing of its online store Bol.com due to unfavourable market conditions.

The Dutch-Belgian group — whose US stores include Food Lion, Giant and Stop & Shop — said in a statement that it “will revisit opportunities when market conditions are more conducive.”

The company said Bol.com — a Dutch website that features a broad range of consumer products — “strongly outperformed the e-commerce market” but “considering current equity market conditions, we have decided that the second half of 2022 is no longer the right time.”

Based in Zaanstad just north of Amsterdam, the group announced last year it had approved an initial listing, but did not give further details.

In its earnings statement on Wednesday, Ahold Delhaize said it delivered a “resilient performance” despite food prices being driven up by soaring inflation and a rising energy crisis fanned by the war in Ukraine.

The group posted a second-quarter net profit of 603 million euros ($616 million), up from 540 million euros the year before.

Net sales jumped by 15 percent to 21.4 billion euros, Ahold Delhaize said, mainly buoyed by growing US sales figures.

In addition to its US shops, the group owns several supermarkets in seven European countries and Indonesia.

“I am pleased to report that we had a strong second quarter,” chief executive Frans Muller said.

But he added: “For consumers and businesses alike, these are difficult times.”

“The war in Ukraine is causing an unprecedented energy crisis, commodity prices are high, and inflation has reached record levels.”

Muller said the group’s brands were “laser focused on supporting customers and helping them to manage their spending efficiently.”

Looking forward, Ahold Delhaize said it expected rising inflation and energy costs to continue for the rest of the year, but it expected to grow by mid single-digit figures.