4Q18 and FY18 Trading Update Ahold Delhaize reported a trading update for its fourth quarter and FY18:

• In 4Q18, net sales were €16.5 billion, up 3.0% at constant currency, roughly in-line with the consensus of €16.48 billion by StreetAccount, but lower than the 3.6% growth recorded in the previous quarter. Net consumer online sales grew 26.4% at constant exchange rates.
• For FY18, net sales increased 2.5% year over year at constant exchange rates to €62.8 billion. Net consumer online sales reached €3.5 billion.

4Q18 Performance by Segment The U.S.:

• The U.S. continued its strong growth momentum and posted comparable sales growth excluding gasoline of 2.7%, amid favourable weather conditions, slowing from 3.0% growth in the prior quarter.
• Online sales showed robust growth of 12.1% at constant exchange rates, as the company’s food e-commerce initiatives started to gain traction across all banners. 

The company noted that the U.S. region saw lower inflation in the quarter compared to previous quarter. The "Easy, Fresh and Affordable" program that was launched in 2014 is now implemented in 70% of its stores and has received a positive response from consumers. Management also noted that full-year 2018 market share across its brands increased compared to 2017. The Netherlands:

• Comparable sales in the Netherlands were up 3.3% versus 5.9% in the prior quarter. The company noted a limited negative impact in 4Q18 from the timing of New Year.
• Albert Heijn saw comparable sales growth in supermarkets and online, but reported a slight decrease in its market share for the full year. 
• Bol.com posted 32.3% growth in net consumer online sales in 4Q18, leading to €2.1 billion net consumer online sales for the full year 2018.

Belgium:

• Belgium comps were up 3.0% led by ongoing operational improvements.
• For 2018, market share increased year over year.

Central and South-Eastern Europe (CSE):

• CSE comparable sales ex gasoline were up 2.0%, driven by strong sales in the Czech Republic.
• This performance was aided by successful promotions that led to both increased transactions and basket sizes in supermarkets.
• The company noted that In Greece, comparable sales growth remained under pressure “as a consequence of competitive re-openings” but that comp sales “gradually improved compared to the previous quarters and with slightly positive volume growth this quarter.”

Management Changes On January 23, the company announced the appointment of Marit van Egmond as Brand President and CEO of Albert Heijn as of February 1. She will succeed Wouter Kolk, who will focus on his duties as CEO Ahold Delhaize Europe and Indonesia. Outlook The company expects its FY18 underlying earnings per share from continuing operations to be at the higher end of its previous guidance of €1.50–€1.60 and above the consensus of €1.53. Full-year free cash flow is expected to be more than €2.0 billion, aided by further improvements in net working capital. Capital expenditure for 2018 is expected to be €1.8 billion, in line with previous guidance. For FY19, according to consensus estimates from Capital IQ, group revenue is expected to grow 3.7% year over year to €65.14 billion and EPS is expected to be €1.66.