Ahold reports results for 3Q 2008

AMSTERDAM, Netherlands Ahold, a company that owns and operates hundreds of supermarkets in the United States as well as Europe under Stop & Shop, Peapod, Giant-Landover grocery brand banners, has reported its earnings for the third quarter 2008.

Ahold reported earnings of 7.6 percent for the quarter. Ahold reported that its operating costs total 262 million euros ($327.9 million U.S. dollars), up 26 million (EU), or about 10 percent.

Ahold reported its net income totaled 195 million EU (U.S. $244 million.), which was down 19 million EU (U.S. $23.8 million), or about 10 percent.

“We delivered a solid performance in our third quarter. I was particularly pleased with the increase in identical sales at Stop & Shop and Giant-Landover as a result of the actions we have taken under the Value Improvement Program over the last two years,” Ahold chief executive officer John Rishton said. “The company has a healthy balance sheet and is well-positioned to offer value to our customers in the current economic environment. The price investments made in recent years have strengthened the competitive position of all our banners, but we remain vigilant and will respond to changes in consumer and competitor behavior. 

“Underlying retail operating margin guidance for the year remains unchanged at 4.8 percent- 5.3 percent.” 

The company also said that same store sales at Stop & Shop and Giant-Landover stores had improved. And that underlying retail operating margin guidance for the period remained the same.