NETHERLANDS: Ahold H1 profits fall
Ahold, the Dutch retailer behind US chains Stop & Shop and Giant Food, posted a drop in first-half profits today (20 August), impacted "significantly" by discontinued operations.
Net income for the six-month period dropped to EUR391m (US$557m) from EUR599 in the comparable period of 2008.
In the first half of 2008, Ahold's earnings were boosted by its stake in Dutch retailer Schuitema, which it sold in April of that year.
Ahold's net income in the first half of 2009 was also affected by a net provision of EUR65m, due to the retailer's lease guarantees for former US subsidiaries Bi-Lo and Bruno's, which both filed for Chapter 11 earlier this year.
Operating income, however, reached EUR691m, up 21% on the previous year. Retail operating income was EUR720m.
Net sales were up 13.6% to EUR15.1bn. At constant exchange rates, net sales rose 5.2%.
CEO John Rishton said: "We remain well positioned in an increasingly competitive environment to deliver our strategy for profitable growth and manage the balance between sales and margins."
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