AMSTERDAM — Ahold yesterday said it plans to drive another 350 million euros — about $525 million U.S. — in costs out of its operations during the next three years.
The cost-cutting "will focus on all aspects of the business, including store expenses, supply chain and overhead across the group," John Rishton, Ahold's chief executive officer, said in a conference call discussing third-quarter results yesterday.
He also reiterated that the company doesn't envision making any large acquisitions in the near future, but is seeking to invest in smaller deals in markets where it currently operates.
Operating income at Stop & Shop/Giant-Landover was up $22 million in the quarter, to $189 million, on a 1.9% gain in sales, to $4 billion. Through three quarters, operating income was up $137 million at Stop & Shop/Giant-Landover, to $631 million, on a 2.9% increase in sales, to $13.4 billion.
At Giant-Carlisle, third-quarter operating income declined 10%, to $45 million, on a 0.8% sales gain, to $1.1 billion. Year-to-date operating income declined $9 million, to $164 million, on a 1.5% sales gain, to $3.7 billion.
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