Ahold today announced consolidated net sales of EUR 6.0 billion for
the third quarter ending October 4, 2009. Compared to the third
quarter of 2008, net sales increased by 4.3% and increased by 2.6%
at constant exchange rates.
In the third quarter, Ahold delivered volume growth in all
markets. Sales were impacted by deflation and trading down by
customers while increased promotional activity continued,
especially in the United States.
Sales performance
Stop & Shop/Giant-Landover
* Net sales increased 1.9% to $ 4.0 billion.
* Identical sales increased 0.2% at Stop & Shop (0.7% excluding
gasoline) and increased 2.3% at Giant-Landover (1.5% excluding
gasoline).
* Comparable sales increased 0.6% at Stop & Shop and increased 2.7%
at Giant-Landover.
Giant-Carlisle
* Net sales increased 0.8% to $ 1.1 billion.
* Identical sales decreased 1.5 % (increased 1.0% excluding
gasoline).
* Comparable sales decreased 0.1%.
Albert Heijn
* Net sales increased 5.4% to EUR 2.1 billion.
* Net sales at Albert Heijn supermarkets were EUR 1.9 billion, up
4.9% compared to last year, primarily due to the conversion of
former Schuitema stores into the Albert Heijn format in the
second half of 2008.
* Identical sales at Albert Heijn supermarkets decreased 0.4 %.
Albert/Hypernova (Czech Republic and Slovakia)
* Net sales decreased 8.0% to EUR 378 million (3.5% at constant
exchange rates), impacted by store closures as part of our
restructuring program.
* Identical sales decreased 3.4% (4.0% excluding gasoline).
Unconsolidated joint venture - ICA
* Net sales decreased 6.4% to EUR 2.3 billion. At constant
exchange rates, net sales increased 1.3%.
Ahold Press Office: +31 (0)20 509 5291
Net sales per segment
Q3 Q3 % Q3 YTD Q3 YTD %
(in millions) 2009 2008* Change 2009 2008* Change
All segments (in
euros)
Stop &
Shop/Giant-Landover 2,775 2,630 5.5% 9,829 8,599 14.3%
Giant-Carlisle 767 736 4.2% 2,691 2,387 12.7%
Ahold USA 3,542 3,366 5.2% 12,520 10,986 14.0%
Albert Heijn 2,120 2,012 5.4% 7,352 6,753 8.9%
Albert/Hypernova 378 411 (8.0)% 1,252 1,333 (6.1)%
Ahold Europe 2,498 2,423 3.1% 8,604 8,086 6.4%
Ahold Group 6,040 5,789 4.3% 21,124 19,072 10.8%
Unconsolidated
joint venture - ICA 2,252 2,405 (6.4)% 6,544 7,104 (7.9)%
Average U.S. dollar
exchange rate
(euro per U.S.
dollar) 0.6969 0.6736 3.5% 0.7323 0.6589 11.1%
U.S. segments (in
U.S. dollars)
Stop &
Shop/Giant-Landover 3,981 3,905 1.9% 13,424 13,052 2.9%
Giant-Carlisle 1,101 1,092 0.8% 3,676 3,623 1.5%
* Due to changes in accounting policies applied retrospectively,
comparative information has been changed as explained further under
Notes to this Trading Statement.
Notes
The net sales figures presented in this trading statement are
preliminary and unaudited.
Changes in accounting policies
* As of 2009, Ahold has applied IFRIC 13 "Customer Loyalty
Programs", which addresses accounting by entities that grant
customer loyalty award credits to their customers. The adoption
of IFRIC 13, which Ahold has applied retrospectively, resulted in
a EUR 3 million decrease in net sales at Albert Heijn for the third
quarter of 2008 (Q3 YTD 2008: a decrease of EUR 10 million).
* As of 2009, rent income earned by certain real estate
subsidiaries is netted against the related expense, whereas
previously it was included in net sales. Comparative information
has been changed accordingly, with the effect that net sales for
the third quarter of 2008 decreased by EUR 14 million (Q3 YTD 2008:
EUR 45 million), predominantly at Albert Heijn.
Definitions
* Identical sales: net sales from exactly the same stores in local
currency for the comparable period.
* Comparable sales: identical sales plus net sales from replacement
stores in local currency.
* Constant exchange rates: excludes the impact of using different
currency exchange rates to translate the financial information of
Ahold subsidiaries or joint ventures to euros. For comparison
purposes, the financial information of the previous year or
quarter is adjusted using the average currency exchange rates for
the current year or quarter in order to understand this currency
impact.
Non-GAAP financial measures
This trading statement includes the following non-GAAP financial
measures:
* Net sales at constant exchange rates. Net sales at constant
exchange rates exclude the impact of using different currency
exchange rates to translate the financial information of Ahold
subsidiaries or joint ventures to euros. Ahold's management
believes this measure provides a better insight into the
operating performance of Ahold's foreign subsidiaries or joint
ventures.
* Net sales in local currency. In certain instances, net sales are
presented in local currency. Ahold's management believes this
measure provides a better insight into the operating performance
of Ahold's foreign subsidiaries.
* Identical sales, excluding gasoline net sales. Because gasoline
prices have experienced greater volatility than food prices,
Ahold's management believes that by excluding gasoline net sales,
this measure provides a better insight into the growth of its
identical store sales.
Ahold's financial year
Ahold's financial year consists of 52 or 53 weeks and ends on
the Sunday nearest to December 31. Ahold's 2009 financial year
consists of 53 weeks and ends on January 3, 2010. The quarters in
2009 are:
First Quarter (16 weeks) December 29, 2008 through April 19, 2009
Second Quarter (12 weeks) April 20 through July 12, 2009
Third Quarter (12 weeks) July 13 through October 4, 2009
Fourth Quarter (13 weeks) October 5, 2009 through January 3, 2010
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