AMSTERDAM, NETHERLANDS under the class action settlement in the
first quarter of 2007.
(Euros in millions) Q1 2008 Q1 2007 % Change
Net sales 7,538 7,634 (1.3%)*
Operating income 336 313 7.3%
Income from continuing operations 221 156 41.7%
Net income 261 241 8.3%
* At constant exchange rates, net sales increased by 6.8%.
Performance by business segment
Stop & Shop/Giant-Landover
For the first quarter, net sales of USD 5.1 billion were up 1.3%
compared with the same period last year. Net sales included USD 56
million of sales to Tops. Prior to its divestment, such sales were
recorded as inter-company sales. Identical sales were up 1.2% at
Stop & Shop (0.2% excluding gasoline net sales) and down 1.5%
at Giant-Landover (1.6% excluding gasoline net sales), impacted by
lower pharmacy sales. Operating income was USD 202 million (or 3.9%
of net sales), down USD 26 million from the same period last year.
Margins and sales were impacted by price investments related to the
roll-out of the Value Improvement Program, with improvements
expected later in the year.
Giant-Carlisle
For the first quarter, net sales of USD 1.4 billion were up 9.2%
compared with the same period last year. Identical sales were up
5.7% (3.7% excluding gasoline net sales). Operating income was USD
72 million (or 5.1% of net sales) up USD 10 million compared to the
same period last year.
Albert Heijn
For the first quarter, net sales of EUR 2.7 billion were up
13.5% compared with the same period last year. Identical sales
increased at Albert Heijn supermarkets by 11.3%. Operating income
was EUR 189 million (or 7.0% of net sales), up EUR 39 million from
the prior year, primarily due to strong growth in identical sales
as well as lower pension charges.
Albert / Hypernova (Czech Republic and Slovakia)
Net sales increased 18% to EUR 512 million. At constant exchange
rates net sales increased 7.9%. Identical sales were up 7.8%.
Operating losses were EUR 1 million compared to a loss of EUR 5
million in the same period last year.
Schuitema
Schuitema has been classified as a discontinued operation as of
the first quarter 2008.
Unconsolidated joint ventures
For the first quarter, Ahold's share in income of joint ventures
decreased 40.9% to EUR 13 million. The decrease was primarily due
to ICA, resulting mainly from lower gains on the sale of
assets.
Ahold Press Office: +31 (0)20 509 5291
Other information
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.
* 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 effect of
gasoline net sales on Ahold's identical sales.
* Underlying retail operating income. Total retail operating
income, adjusted for impairment of non-current assets, gains and
losses on the sale of assets and restructuring charges. Ahold's
management believes this measure provides better insight into
underlying operating performance of Ahold's retail operations.
* Core Corporate Center costs. Core Corporate Center costs relate
to the core responsibilities of the Corporate Center, including
Corporate Finance, Corporate Strategy, Internal Audit, Legal,
Human Resources, Information Technology, Communications, and the
Corporate Executive Board. Total corporate costs also include
results from other activities co-ordinated centrally but not
allocated to any operating company. Management believes that this
measure provides a better insight into the Company's operating
performance.
* Operating income in local currency. In certain instances
operating income is presented in local currency. Ahold's
management believes this measure provides better insight into the
operating performance of Ahold's foreign subsidiaries.
* Cash flow before financing activities. Cash flow before financing
activities is the sum of net cash from operating activities and
net cash from investing activities. Ahold's management believes
that because this measure excludes net cash from financing
activities, this measure is useful where such financing
activities are discretionary, as in the case of voluntary debt
prepayments.
(Euros in millions) Q1 2008 Q1 2007
Cash flow before financing 271 (2)
Net cash from financing activities (120) (255)
Net cash from operating, investing and financing
activities 151 (257)
Ahold's financial year
* Ahold's reporting calendar is based on 13 periods of four weeks.
The quarters in 2008 are as follows:
First Quarter December 31, 2007 through April 20, 2008
Second Quarter April 21 through July 13, 2008
Third Quarter July 14 through October 5, 2008
Fourth Quarter October 6 through December 28, 2008
This earnings release should be read in conjunction with Ahold's
interim financial report for the first quarter 2008, which is
available on www.ahold.com. The data provided in this earnings
release are unaudited and are accounted for in accordance with
IFRS, unless otherwise stated.
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 the progress with Ahold's strategy
on profitable growth, the expected impact of price investments
related to the roll-out of the Value Improvement Program on margins
and sales, the closing of Ahold's sale of its majority interest in
Schuitema and the expected underlying retail operating margin,
capital expenditure and net interest expense for full year 2008.
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, fluctuations in exchange rates or interest
rates, increases or changes in competition, 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, the actions of competitors and
third parties 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. 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 laws.
Outside the Netherlands, Koninklijke Ahold N.V., being its
registered name, presents itself under the name of "Royal Ahold" or
simply "Ahold".
Ahold Earnings Q1 2008:
http://hugin.info/130711/R/1225694/259218.pdf
Ahold Earnings Q1 2008 Interim Financial Report:
http://hugin.info/130711/R/1225694/259219.pdf
Copyright � Hugin AS 2008. All rights reserved.
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