IN BRIEF - Ahold's Q1 hurt by weak consumer spending; Sees challenging year
(NETHERLANDS, 6/7/2012)
Koninklijke Ahold NV on Wednesday 6 June said its first-quarter profit declined in a challenging environment where consumer spending remains under pressure. Sales benefitted from improved performances in the U.S. and the Netherlands, but grew only modestly due to the timing of Easter.
CEO Dick Boer reiterated that the Dutch supermarket chain expects 2012 to be another challenging year for the food retail industry, with intense competitive activity and weak consumer spending due to the prevailing economic uncertainty, particularly in Europe.
In the first quarter, underlying operating margin, which the company considers a more relevant measure of profitability for food retail companies, was 4.3 per cent, lower than last year's 4.7 per cent. Operating income for the quarter fell 6.3 per cent reflecting a 7 p...
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