NETHERLANDS: Ahold to up cost cuts to fuel investment
Ahold said it is "very pleased" with the progress it is making on its strategy
Dutch retailer Ahold has said it will step up its moves to cut costs in a bid to fuel further investment in the business.
Ahead of a meeting with analysts in the US, the group said it will up its cost savings from EUR350m (US$454.7m) to EUR600m by looking at sourcing and promotional expenditures. The retailer said the move would help it provide a "better offering and value" for its customers.
Ahold, which runs the Albert Heijn chain in the Netherlands and stores including Giant Food in the US, announced plans to cut EUR350m in costs last year. The move was part of a six-part strategy to grow the business, which also included expanded its online operations and opening more convenience stores.
The analyst meeting in the US this week is designed to give an update on the strategy.
The company noted it will continue to "refresh and update" its existing store base, in addition to investing further in its online offering to boost growth at US online arm Peapod and Dutch businesses albert.nl and bol.com, and expand its home delivery service.
Ahold said it will also increase test pick-up points in its major markets in 2013 and expand the option for customers to pick up their bol.com products in almost all Albert Heijn stores.
Dutch retail giant Ahold said the firm has the strength in its balance sheet to consider acquisition opportunities as one way of driving shareholder returns in 2013....
Private-equity firm Cerberus Capital Management, which earlier this year bought five food retail chains from Supervalu Inc, is said to be looking at more targets - including regional grocer Harris Tee...
Regional US retailer Harris Teeter has said talks with a number of companies about an acquisition of the group are "ongoing"....
Qatari investment vehicle Hassad Foods has bought a majority stake in Indian food supplier Bush Foods Overseas....
- Mondelez results and outlook - 7 things to learn
- just-food's pick: Innovation on show at ISM 2016
- Can dairy-free Flora lift Unilever spreads sales?
- Foodservice focus: McDonald's/Five Guys/Starbucks
- Talking shop: Wal-Mart overhaul, Lidl's US charge
- Mars to cut artificial colours from global foods
- Chobani targets growth after rejecting offers
- Arla eyes job cuts as part of 2020 growth push
- Private-equity firm HKW acquires Panos Brands
- Kerry Group launches Pure free-from meals in UK