Amsterdam, the Netherlands - Ahold today announced consolidated net sales of € 6.0 billion for the third quarter
ending October 4, 2009. Compared to the third quarter of 2008, net sales increased by 4.3% and increased by
2.6% at constant exchange rates.
In the third quarter, Ahold delivered volume growth in all markets. Sales were impacted by deflation and trading down by customers while increased promotional activity continued, especially in the United States.
Sales performance
Stop & Shop/Giant-Landover
- Net sales increased 1.9% to $ 4.0 billion.
- Identical sales increased 0.2% at Stop & Shop (0.7% excluding gasoline) and increased 2.3% at Giant-Landover (1.5% excluding gasoline).
- Comparable sales increased 0.6% at Stop & Shop and increased 2.7% at Giant-Landover.
Giant-Carlisle
Albert Heijn
Albert/Hypernova (Czech Republic and Slovakia)
Unconsolidated joint venture - ICA
Ahold Press Office: +31 (0)20 509 5291
Net sales per segment
|
(in millions) |
Q3 2009 |
|
Q3 2008* |
|
%
Change |
|
Q3 YTD
2009 |
|
Q3 YTD
2008* |
|
%
Change |
|
All segments (in euros) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stop & Shop/Giant-Landover |
2,775 |
|
2,630 |
|
5.5% |
|
9,829 |
|
8,599 |
|
14.3% |
|
Giant-Carlisle |
767 |
|
736 |
|
4.2% |
|
2,691 |
|
2,387 |
|
12.7% |
|
Ahold USA |
3,542 |
|
3,366 |
|
5.2% |
|
12,520 |
|
10,986 |
|
14.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Albert Heijn |
2,120 |
|
2,012 |
|
5.4% |
|
7,352 |
|
6,753 |
|
8.9% |
|
Albert/Hypernova |
378 |
|
411 |
|
(8.0)% |
|
1,252 |
|
1,333 |
|
(6.1)% |
|
Ahold Europe |
2,498 |
|
2,423 |
|
3.1% |
|
8,604 |
|
8,086 |
|
6.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahold Group |
6,040 |
|
5,789 |
|
4.3% |
|
21,124 |
|
19,072 |
|
10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated joint venture - ICA |
2,252 |
|
2,405 |
|
(6.4)% |
|
6,544 |
|
7,104 |
|
(7.9)% |
|
Average U.S. dollar exchange rate (euro per U.S. dollar) |
0.6969 |
|
0.6736 |
|
3.5% |
|
0.7323 |
|
0.6589 |
|
11.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
U.S. segments (in U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Stop & Shop/Giant-Landover |
3,981 |
|
3,905 |
|
1.9% |
|
13,424 |
|
13,052 |
|
2.9% |
|
Giant-Carlisle |
1,101 |
|
1,092 |
|
0.8% |
|
3,676 |
|
3,623 |
|
1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Due to changes in accounting policies applied retrospectively, comparative information has been changed as explained further under Notes to this Trading Statement.
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, resulted in a € 3 million decrease in net sales at Albert Heijn for the third quarter of 2008 (Q3 YTD 2008: a decrease of € 10 million).
- 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 third quarter of 2008 decreased by € 14 million (Q3 YTD 2008: € 45 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 |
