By Michael Susin

Royal Ahold Delhaize raised its full-year guidance, despite reporting a worse-than-expected fall in third-quarter net profit, and outlined a share buyback program.

The Dutch grocer on Wednesday said that it expects free cash flow for 2023 to be in the range of 2.2 billion euros to 2.4 billion euros ($2.35 billion to $2.57 billion), compared with previous target range of between EUR2.0 billion and EUR2.2 billion.

The company reported a net profit for the quarter of EUR394 million, compared with EUR589 million reported the same period a year ago and a company-provided consensus estimate of EUR590 million.

Net sales came in at EUR21.93 billion from EUR22.41 billion the prior year. This compares with the company-compiled consensus of EUR21.95 billion.

Ahold Delhaize outlined a EUR1 billion share buyback program, scheduled to start at the beginning of 2024.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

November 08, 2023 02:19 ET (07:19 GMT)

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