Dutch retailer Ahold has reported that net sales increased 4.3 per cent during the third quarter of the year, or 2.6 per cent at constant exchange rates, to just over €6bn (US$8.9bn).
Net income for the three-month period climbed 22.1 per cent, up from €195m (US$290.9m) in 2008 to €238m (US$355.1m), while operating income grew 1.5 per cent to €265m (US$395.2m) from €261m (US$389m) last year.
'We have again delivered solid results in a challenging environment,' said group CEO John Rishton. 'Volumes grew in all markets with good sales performances in the US reflecting strong ongoing investment in value for our customers.
'In the Netherlands, we continued to grow market share and again delivered a strong margin reflecting effective cost management,' he added. 'We continue to adapt to the challenging environment, balancing sales and margins while seeking to grow market share and volumes.'
Looking ahead, Mr Rishton said that the group had recently launched its €350m (US$522m) cost reduction programme for the three years ending 2012.
'This programme will focus on all aspects of our business, including store expenses, supply chain, and overhead across the group,' he explained. 'Separately, we will deliver additional sourcing cost savings over the same period.'
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