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Dutch supermarket group Ahold said on Tuesday its second quarter sales rose 11.5 percent, lagging forecasts, even as it continued to benefit from consumers opting to buy groceries instead of eating out in a weak economic environment.
The Amsterdam-based food group, which operates U.S. Stop & Shop and Giant food sellers and the Albert Heijn franchise in the Netherlands, said it saw less inflation in the second quarter and that it focused more on pricing and promotions.
Total group sales were 6.43 billion euros, compared with 5.77 billion euros in the same period a year ago, and a forecast for 6.56 billion euros in a Reuters poll of 13 analysts, with estimates ranging from 6.48 to 6.65 billion euros.
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AP |
Ahold has benefited from restructuring well before many other food retailers, attracting shoppers even as tough economic climate forces consumers to cut back on spending.
Sales at Ahold's U.S. operation Stop & Shop and Giant-Landover rose 2.8 percent to $4.1 billion. Its other U.S. supermarket franchise Giant-Carlisle reported a sales increase of 0.4 percent to $1.1 billion.
In the Netherlands, where Ahold operates the dominant Albert Heijn chain, sales rose 7.8 percent to 2.2 billion euros.
Ahold has rebranded and cut prices in the United States and has been winning market share in the Netherlands.
Shares of Ahold were down 4.1 percent by the close.
Data is a real-time snapshot *Data is delayed at least 15 minutes