Allinvestor schreef op 15 februari 2021 18:17:
Denk je niet dat het veel belangrijker is wat de outlook voor (Q1) 2021 gaat zijn? Die extra EPS in 2020 is leuk, maar de beurs is vooruitkijkend toch? En grootste negatieve items die ik onder analisten lees is een slowdown in 2021/2022 vanwege moeilijke COVID comps en weer nieuwe druk op de marges.
Dit is wat van het commentaar bij Kroger, en denk ook relevant voor Ahold:
"[Kroger] could be a victim of its own success—as it laps difficult comparisons in 2021 related to the COVID-19 surge in demand of food products from the uptick in at-home consumption. Furthermore, as volume growth slows and grocers focus on maintaining/gaining market share, we could see greater emphasis on sharper prices and promotions..."
"we have concerns over 1) increased competition, particularly from Walmart and Amazon; 2) slowing comps in 2021 as Covid-19 tailwinds are lapped; 3) margin pressure from increased lower-margin e-commerce sales, a more normalized promotional environment, and higher warehousing and freight expenses; and 4) possible cost pressures from higher taxes and a federal minimum wage hike under a Biden administration. In addition, we expect sentiment on food retailers to be weak as investors focus on equities that will benefit more from the broader Covid-19 recovery."