Shares in retail giant Ahold have increased today (17 November) after posting an increase in third-quarter profits.

For the third quarter, net income reached EUR257m (US$345.9m), up 15.2% on the same period last year. The company said this was positively impacted by a tax provision release of EUR109m, partially offset by a charge of EUR92m related to the estimated impact of a legal judgement. 

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Operating income climbed 5.3% to EUR300m for the three months. The group’s net sales reached EUR6.86bn, up 2.5% on the same period last year.

In the US, identical sales were up 6.8% during the quarter, or by 4.5% excluding fuel. Identical sales were up 3% in the Netherlands. In Ahold’s “other Europe” division, which incorporates Czech Republic and Slovakia, identical sales were also up 3%, or by 2.4% excluding fuel.

Ahold CEO Dick Boer said: “We delivered another quarter of robust performance and gained market share in all of our major markets.”

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He added that customers remain cautious with spending, focusing on value in an “inflationary environment”. 

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“We continue to adapt to the challenging market conditions, balancing sales and margins,” he added. 

For the nine-month period, net income reached EUR747m, up 6.9% on the same period last year. However, the group posted an operating income was down 2.1% to EUR1.02bn. Net sales reached EUR22.98bn, up 1.9%.

Shares in Ahold increased 2.22% at 09:01am GMT to EUR9.63.