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.
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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.
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