Overview Key strengths Key risks Leading player with good market share in grocery retail, focusing on fresh food offerings, online capabilities, and strong private-label penetration. Operates in highly competitive and fragmented grocery market undergoing operational and customer behavioral changes post pandemic. Diversified portfolio of supermarket banners, with leading share of core markets, well-maintained store base, and good distribution and manufacturing capabilities. Growing capital intensity as the company spends on its emerging business model. Hefty operating cash flow generation that supports business investments and shareholder returns. Food inflation will likely dilute margins in most U.S. grocers in the coming year. The company said it is reviewing strategic alternatives to maximize shareholder value. We believe this could include options related to re-leveraging
