Ahold today announced consolidated net sales of EUR 6.4 billion for
the second quarter ending July 12, 2009. Compared to the second
quarter of 2008, net sales increased by 11.5% or 3.9% at constant
exchange rates.
In the second quarter, inflation slowed considerably and we
continued to see changing customer and competitor behavior, with an
increased focus on price and promotions.
In the United States, Stop & Shop and Giant-Landover
continued to drive improved performance and Giant-Carlisle invested
aggressively in price and promotions.
In Europe, Albert Heijn grew market share by providing great
customer value, while managing margins.
In a changing environment, we continue to manage the balance of
sales, market share and margin in each of our markets and remain
well-positioned to meet our customers' needs.
Sales performance
Stop & Shop/Giant-Landover
* Net sales increased 2.8% to $ 4.1 billion.
* Identical sales increased 1.7% at Stop & Shop (3.4%
excluding gasoline net sales) and increased 3.7% at Giant-Landover
(3.5% excluding gasoline net sales).
* Comparable sales increased 2.3% at Stop & Shop and
increased 4.2% at Giant-Landover.
Giant-Carlisle
* Net sales decreased 0.4% to $ 1.1 billion, impacted
significantly by lower gasoline prices.
* Identical sales decreased 1.8% (increased 2.0% excluding
gasoline net sales).
* Comparable sales decreased 0.9%.
Albert Heijn
* Net sales increased 7.8% to EUR 2.2 billion.
* Net sales at Albert Heijn supermarkets were EUR 2.1 billion,
up 7.9% compared to last year, primarily due to the conversion of
former Schuitema stores into the Albert Heijn format in the second
half of 2008 and early 2009.
* Identical sales at Albert Heijn supermarkets increased 0.4%
compared to a very strong quarter last year partly due to the Euro
2008 Football Championship.
Albert/Hypernova (Czech Republic and Slovakia)
* Net sales decreased 6.8% to EUR 383 million (0.7% at constant
exchange rates), impacted by store closures as part of our
restructuring program.
* Identical sales decreased 1.6% (1.5% excluding gasoline net
sales).
Unconsolidated joint venture - ICA
* Net sales decreased 8.3% to EUR 2.2 billion. At constant
exchange rates, net sales increased 2.6%.
Net sales per segment
Q2 Q2 % HY HY %
(in millions) 2009 2008* Change 2009 2008* Change
All segments (in
euros)
Stop &
Shop/Giant-Landover 2,998 2,566 16.8% 7,054 5,969 18.2%
Giant-Carlisle 810 715 13.3% 1,924 1,651 16.5%
Ahold USA 3,808 3,281 16.1% 8,978 7,620 17.8%
Albert Heijn 2,239 2,077 7.8% 5,232 4,741 10.4%
Albert/Hypernova 383 411 (6.8%) 874 922 (5.2%)
Ahold Europe 2,622 2,488 5.4% 6,106 5,663 7.8%
Ahold Group 6,430 5,769 11.5% 15,084 13,283 13.6%
Unconsolidated
joint venture - ICA 2,230 2,433 (8.3%) 4,292 4,699 (8.7%)
Average U.S. dollar
exchange rate
(EUR per USD) 0.7277 0.6403 13.6% 0.7474 0.6526 14.5%
U.S. segments (in U.S.
dollars)
Stop &
Shop/Giant-Landover 4,120 4,008 2.8% 9,443 9,147 3.2%
Giant-Carlisle 1,113 1,117 (0.4%) 2,575 2,531 1.7%
* Due to changes in accounting policies applied retrospectively,
comparative information has been changed as explained further under
Notes to this Trading Statement.
Ahold Press Office: +31 (0)20 509 5291
Notes
The net sales figures presented in this trading statement are
preliminary and unaudited.
Changes in accounting policies
* As of 2009, Ahold has applied IFRIC 13 "Customer Loyalty
Programs", which addresses accounting by entities that grant
customer loyalty award credits to their customers. The adoption of
IFRIC 13, which Ahold has applied retrospectively, did not impact
net sales for the second quarter of 2008 (HY 2008: EUR 7 million
decrease at Albert Heijn).
* As of 2009, rent income earned by certain real estate
subsidiaries is netted against the related expense, whereas
previously it was included in net sales. Comparative information
has been changed accordingly, with the effect that net sales for
the second quarter of 2008 decreased by EUR 14 million (HY 2008:
EUR 31 million), predominantly at Albert Heijn.
Definitions
* Identical sales: net sales from exactly the same stores in
local currency for the comparable period.
* Comparable sales: identical sales plus net sales from
replacement stores in local currency.
* Constant exchange rates: excludes the impact of using
different currency exchange rates to translate the financial
information of Ahold subsidiaries or joint ventures to euros. For
comparison purposes, the financial information of the previous year
or quarter is adjusted using the average currency exchange rates
for the current year or quarter in order to understand this
currency impact.
Non-GAAP financial measures
This trading statement includes the following non-GAAP financial
measures:
* Net sales at constant exchange rates. Net sales at constant
exchange rates exclude the impact of using different currency
exchange rates to translate the financial information of Ahold
subsidiaries or joint ventures to euros. Ahold's management
believes this measure provides a better insight into the operating
performance of Ahold's foreign subsidiaries or joint ventures.
* Net sales in local currency. In certain instances, net sales
are presented in local currency. Ahold's management believes this
measure provides a better insight into the operating performance of
Ahold's foreign subsidiaries.
* Identical sales, excluding gasoline net sales. Because
gasoline prices have experienced greater volatility than food
prices, Ahold's management believes that by excluding gasoline net
sales, this measure provides a better insight into the growth of
its identical store sales.
Ahold's financial year
Ahold's financial year consists of 52 or 53 weeks and ends on
the Sunday nearest to December 31. Ahold's 2009 financial year
consists of 53 weeks and ends on January 3, 2010. The quarters in
2009 are:
First Quarter (16 weeks) December 29, 2008 through April 19,
2009
Second Quarter (12 weeks) April 20 through July 12, 2009
Third Quarter (12 weeks) July 13 through October 4, 2009
Fourth Quarter (13 weeks) October 5, 2009 through January 3,
2010
Cautionary notice
This press release includes forward-looking statements, which do
not refer to historical facts but refer to expectations based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those included in
such statements. These forward-looking statements include, but are
not limited to, statements as to Ahold's sales, market share and
margin and Ahold's response to consumer needs and competitor
behavior in the current economic environment. These forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future
results expressed or implied by the forward-looking statements.
Many of these risks and uncertainties relate to factors that are
beyond Ahold's ability to control or estimate precisely, such as
the effect of general economic or political conditions, inflation
or deflation, fluctuations in exchange rates or interest rates,
increases or changes in competition, the behavior of consumers and
third parties, Ahold's ability to implement and complete
successfully its plans and strategies, the benefits from and
resources generated by Ahold's plans and strategies being less than
or different from those anticipated, changes in Ahold's liquidity
needs, and other factors discussed in Ahold's public filings.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Koninklijke Ahold N.V., which is Ahold's statutory
name, does not assume any obligation to update any public
information or forward-looking statements in this release to
reflect subsequent events or circumstances, except as may be
required by securities law.
In the event of any discrepancy between the Dutch translation of
this press release and the English version thereof, the latter
prevails.
This announcement was originally distributed by Hugin. The
issuer is solely responsible for the content of this
announcement.
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