AMSTERDAM — An $11 million loss related to the Ukrop’s acquisition contributed to lower-than-expected net earnings for Ahold in the third quarter, the company said Thursday. Officials emphasized the chain grew sales in the U.S. while many competitors saw declines.
The retailer reported worldwide sales of $9.1 billion (U.S.), a 10.8% increase, while net earnings declined 8.6% to $303 million. Ukrop’s, the 25-store Richmond, Va., chain that Ahold acquired earlier this year and folded into its Giant-Carlisle division under the Martin’s banner, contributed $114 million in sales and $11 million in losses during the quarter. As a result, Ahold USA saw its operating income decline by 16.2% in the quarter to $196 million. U.S. sales of $5.3 billion improved by 4.8%, with identical store sales, excluding gasoline, up by 0.6%.
“You can look at [sales] year-over-year and say it isn’t very much. Or you could look at it relative to our competition,” John Rishton, Ahold’s chief executive officer, said in a conference call. “I think the fact that we had positive comps in this quarter is a great testament. If the market was more robust, my suspicion is that comps would be significantly higher. The difference between our comps and some of our competitors is significant.”
