Dutch supermarket group Schuitema, which is majority-owned by troubled Dutch retailer Ahold, has reported a 19% rise in first-quarter net profit.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The retailer’s net profit rose to €10.8m (US$12.4m), compared with €9.1m a year earlier, while sales rose 11.7% to €986m.
Schuitema said its share of the Dutch retail market, which is dominated by Ahold’s Albert Heijn chain, rose to 15.8%, compared to 15% in the first quarter of last year.
Ahold holds a stake of around 73% in Schuitema.
Schuitema reaffirmed its forecast for a significant increase in earnings for 2003: “Schuitema keeps its profit expectation that, barring unforeseen circumstances, in the current fiscal year profits will increase significantly versus 2002,” the company was quoted by Reuters as saying.
