Shares in Dutch retail giant Ahold dipped today (26 October) despite the company posting rising third-quarter sales.
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Ahold booked net sales of EUR6.3bn (US$9.1bn) for the three months to 7 October, a rise of 1.1% on a year earlier. The weak dollar weighed on the numbers, however. At constant exchange rates, net sales were up 5.6%.
The results, however, knocked Ahold’s share price, with shares down EUR0.62 to EUR10.20 at 13:57 CET this afternoon.
Ahold recorded a mixed performance in the US with like-for-like sales at its Stop & Shop outlets rising, while sales from its Giant-Landover business fell 1.8%. Ahold warned that its “value improvement programme” at these outlets would continue to hit margins.
Ahold’s domestic business fared better, with like-for-like sales at its Albert Heijn supermarkets up 7.3%.
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By GlobalDataSales in Czech Republic and Slovakia rose 7.4%, while revenue from its ICA venture in Scandinavia rose 20.9%.
