Executive Summary

• Delhaize reported FY15 EPS of €3.54, an increase of 306.8% from FY14 but below consensus of €4.37. The company reported that revenue increased by 14.2%, to €24.4 billion, just below the consensus estimate.
• Underlying EBIT increased by 14.4%, to €872.0 million, above the consensus estimate of €854.0 million, while net income increased by 312.5%, to €366.0 million, below consensus of €432.6 million.
• Delhaize’s revenue in FY15 was lifted by positive comps in all geographies in which the company operates and by store network expansion. For FY16, the company’s top priority is to complete its merger with Ahold.