Analyst consensus

Analyst consensus as on July 24, 2019

Q2 2019 calendar shifts and other notable itemsto consider:

USA

- Positive Easter effect +110 bps on comparable sales

- As a reminder, the US business will be impacted by the Stop & Shop strike in Q2. As it relates to the strike impact, we mentioned on the May 8th Q1 earnings call that:

  • During the 11 day strike, the sales impact was estimated to be around $200m (note that the strike will also impact comparable store sales), which had a $90-$110m impact to UOP
  • There is a sales ramp up period subsequent to the 11 day strike, however, it was too early to say exactly what the full impact to Q2 would be at the time of the earnings call
  • We expected to be able to mitigate any margin loss from the sales ramp up period over the course of the year, therefore, the net UOP loss related to the strike was expected to be $90-$110mm for the year
  • We will provide an update on the strike impact when we release our earnings results on August 7th

- Current €/$ rate is estimated at 1.12 for the quarter

The Netherlands
- Positive Easter impact is around +70 bps on comparable sales 

Belgium
- Positive calendar impact due to a difference in trading days and a positive Easter impact, the net impact is expected at around +80 bps on comparable sales (note that while Q1 comparable sales were impacted by -200 bps due to Easter/trading day shifts, we experienced a smaller recovery of +80 bps in Q2 due to further unfavorable trading day shifts in May/June)

CSE
- Positive Easter impact expected at around +50 bps on comparable sales

Analyst consensus as on January 18, 2019