Leading Dutch supermarket operator Royal Ahold said it would increase spending by US$500m to US$3.5bn to upgrade older supermarkets and open new outlets.
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Last year the group spent US$3bn on store refurbishment, although it had budgeted for US$3.8bn, commented group spokesman Hans Gobes.
The group plans to boost organic sales growth in 2002 from 6.4% in 2001 to between 7% and 8%. In 2001 sales rose 27%, largely on the strength of acquisitions, to €66.6bn (US$58.22bn).
Late last week Ahold repeated its forecast of 15% earnings per share growth in 2001 and 15% in 2002, excluding the impact of currency translation fluctuations and goodwill amortisation.
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