Global retailer Ahold has warned that full-year earnings could fall by upto 8% and announced plans to get rid of non-core businesses after a dismal results from its South American operations.
The Dutch-based Ahold posted third quarter pre-tax profit of 456.1m euros up from 438.5m last year on a 5.8% rise in group sales to 16.4bn euros. Net profit fell to 257.6m euros from 304.2m.
Like-for-like sales in the US fell to 0.6% from 3.8% and dropped to 4.8% in Europe from 6.3%.
Ahold president and CEO, Cees van der Hoeven, said: “Ahold's performance in almost all key markets is very solid in the current environment.
“It is therefore extra painful that we have had to announce a second revision to the 2002 outlook.
“We feel invigorated by the new strategic plan that will focus the company on the growth of its core businesses and lead to significant debt reduction.”
Ahold’s shares have dropped some 60% this year as its key US operations have been hit by the economic downturn Stateside.
Global retailer Ahold has warned that full-year earnings could fall by upto 8% and announced plans to get rid of non-core businesses after a dismal results from its South American operations.
The Dutch-based Ahold posted third quarter pre-tax profit of 456.1m euros up from 438.5m last year on a 5.8% rise in group sales to 16.4bn euros. Net profit fell to 257.6m euros from 304.2m.
Like-for-like sales in the US fell to 0.6% from 3.8% and dropped to 4.8% in Europe from 6.3%.
Ahold president and CEO, Cees van der Hoeven, said: “Ahold's performance in almost all key markets is very solid in the current environment.
“It is therefore extra painful that we have had to announce a second revision to the 2002 outlook.
“We feel invigorated by the new strategic plan that will focus the company on the growth of its core businesses and lead to significant debt reduction.”
Ahold’s shares have dropped some 60% this year as its key US operations have been hit by the economic downturn Stateside.
The Dutch-based Ahold posted third quarter pre-tax profit of 456.1m euros up from 438.5m last year on a 5.8% rise in group sales to 16.4bn euros. Net profit fell to 257.6m euros from 304.2m.
Like-for-like sales in the US fell to 0.6% from 3.8% and dropped to 4.8% in Europe from 6.3%.
Ahold president and CEO, Cees van der Hoeven, said: “Ahold's performance in almost all key markets is very solid in the current environment.
“It is therefore extra painful that we have had to announce a second revision to the 2002 outlook.
“We feel invigorated by the new strategic plan that will focus the company on the growth of its core businesses and lead to significant debt reduction.”
Ahold’s shares have dropped some 60% this year as its key US operations have been hit by the economic downturn Stateside.
Global retailer Ahold has warned that full-year earnings could fall by upto 8% and announced plans to get rid of non-core businesses after a dismal results from its South American operations.
The Dutch-based Ahold posted third quarter pre-tax profit of 456.1m euros up from 438.5m last year on a 5.8% rise in group sales to 16.4bn euros. Net profit fell to 257.6m euros from 304.2m.
Like-for-like sales in the US fell to 0.6% from 3.8% and dropped to 4.8% in Europe from 6.3%.
Ahold president and CEO, Cees van der Hoeven, said: “Ahold's performance in almost all key markets is very solid in the current environment.
“It is therefore extra painful that we have had to announce a second revision to the 2002 outlook.
“We feel invigorated by the new strategic plan that will focus the company on the growth of its core businesses and lead to significant debt reduction.”
Ahold’s shares have dropped some 60% this year as its key US operations have been hit by the economic downturn Stateside.
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