Netherlands-based Ahold has announced that overall group profit climbed 3.3 per cent through the first quarter (Q1) of 2010, up 3.3 per cent to €409m (US$500m) from the €396m (US$484m) recorded in the same period last year.
The retailer said that net sales for the period climbed 1 per cent at actual exchange rates to €8.7bn (US$10.6bn) from €8.6bn (US$10.5bn) in 2009, positively impacted by business acquisitions, while net income soared 45.7 per cent to €274m (US$335m) from €188m (US$230m) last year.
'Our repositioning actions in recent years and our customer focus have enabled us to increase volumes and improve market share in the ENtherlands and the United States and deliver another quarter of solid performance,' said group CEO john Rishton. 'The Market continues to be challenging with customers focused on value and high levels of promotional activity.
'Despite these conditions, we remain confident in our ability to to balance sales and margins and to continue providing value to our customers,' he added.
In the Netherlands, net sales increased 3.7 per cent to €3.1bn, with operating income totalling €214m, an increase of €25m on the same period in 2009.
European operations in the Czech Republic and Slovakia saw net sales drop 0.2 per cent to €490m, the result of store closures and downsizings as part of a restructuring programme, although operating income came to zero compared to a loss of €14m in Q1 last year.
Ahold's US sales grew 4.2 per cent to US$7.1bn, partly due to business acquisitions, while operating income was down US$18m year-on-year to US$295m.
