Dutch retailer Ahold today [Friday] reported a sluggish set of third quarter sales figures for its core US business.
Ahold’s US operation accounts for 60% of overall turnover and generated sales down 6.1% to when the positive impact of acquisitions was stripped out. Shares fell this morning as the news emerged, dropping 8.1% by 08.30 GMT, reported Reuters. The company’s stock has fallen by 60% this year.
The group issued an interim Q3 trading update this morning, following a difficult second quarter in which Ahold reported its first net loss in almost 30 years. Despite the soft sales figures, the group has maintained its outlook for the full year.
Group sales rose 5.8% in the third quarter to €16.4bn (US$16.02bn), while organic sales growth, excluding the impact of currency fluctuations, was 1.5%. The integration of Alliant Foodservice bolstered an otherwise sluggish set of figures.
Ahold will report a full set of results for the third quarter on 26 November.