NETHERLANDS: Ahold delivers "solid" H1
Ahold has delivered an increase in first-half profits
Dutch retailer Ahold said it has delivered a "solid" set of financial results, with an increase in first-half profits.
In the six-month period, the company earned EUR476m (US$605m), a 24% increase on the prior year. The increase was a result of year-over-year changes in Ahold's estimate of its net provision for losses under lease guarantees related to its former subsidiaries Bo-Lo and Bruno's.
Operating income was EUR756m, up 9.4% on last year. Retail operating income amounted to EUR805m and retail operating margin was 5.1% compared to 4.8% last year.
Sales climbed 5.2% to EUR15.86bn. The figure was positively impacted by business acquisitions in the first quarter.
CEO John Rishton said: "We continued to grow sales, volumes and market share in the Netherlands and the US while delivering solid financial results. Market conditions remained challenging with high levels of competitive promotional activity."
Click here to view the full earnings release.
The US grocery sector is in a state of flux as we head into 2011 with suppliers and retailers feeling the effect of weak consumer confidence and consolidation appearing more likely....
Dutch retail giant Ahold said today (20 January) that it delivered a "strong sales performance" in all of its markets in 2010....
Swedish supermarket chain ICA has booked a drop in fourth quarter and full-year sales....
UK-based private-label meat packer Hilton Food Group has reported higher annual sales on the back of "good growth" in the Netherlands and central Europe....
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