Dutch food retailer Ahold today [Thursday] announced a 3.8% rise in first quarter 2002 net earnings (first 16 weeks of the year through April 21, 2002) to €328m.
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The results came in a touch above analysts’ expectations, and the group reiterated its full year outlook for 15% earnings per share growth.
President and CEO Cees van der Hoeven commented: “Growth of net earnings and earnings per share excluding goodwill amortisation and currency impact in the first quarter of 2002 was obviously below our usual standard but in line with expectations.
“It is largely the result of significant backloading towards the latter half of the year of earnings growth at BI-LO, and in Portugal and Spain, as well as other gains in the first quarter of 2001. On a pro forma basis, reflecting the true comparison of operating strength, net earnings increased by 22% and earnings per share by 10%.
“By all accounts, the core business continued to perform very well. US Retail, US Foodservice and our large companies in Europe and Latin America all showed substantial sales and earnings growth. Since other companies are catching up, we expect to significantly surpass last year’s numbers in the second half of 2002. As an early sign of recently introduced EVA programs, our capital efficiency improved compared to 2001.”
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By GlobalDataTo see the full results release, including financial tables, click here.
