Ahold Delhaize hits record high after Q3 sales beat
** Shares in Ahold Delhaize AD.AS rise 7% after the supermarket group reported higher-than-expected revenue in the third quarter, notably driven by an increase in online sales
** The Dutch company reported Q3revenue of22 billion euros, while analysts were expecting 21.9 billion on average in a company-compiled consensus
** The group saw a "relatively modest impact from US consumer/competitive concerns (offset by the start of the investment phase especially in S&S) and still strong underlying European growth," Jefferies said in a research note
** Brokerage Degroof Petercam notes that Ahold Delhaize's underlying sales were better than expected, mainly in Europe
** "Also from a margin perspective the beat was Europe-driven as Belgium continues its performance recovery," Degroof Petercam added
** Online sales grew 5.1% at constant exchange rates in the third quarter, compared with 2.9% over the same period a year ago
** The group confirmed its 2024 outlook and a 1 billion euro share buyback for 2025
** The stock, on track for its best day since Feb. 15 2023, if gains hold, reaches its highest price ever
Reporting by Alban Kacher
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