Executive Summary

• Ahold Delhaize reported 2Q19 net sales and underlying operating income in line with expectations.
• US comparable sales growth ex gasoline slowed to 0.2% from 1.2% in the prior quarter, but was in line with the consensus estimate. Adjusted for an 11-day strike at Stop & Shop and Easter timing, US comp sales ex gasoline were up 2.3%.
• Management confirmed prior guidance, including that the underlying operating margin for the group will be slightly lower in 2019 than in 2018; and that underlying EPS growth for the year will be in the low single digits.