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Ahold NV (AMS:AHONY) Amsterdam, the Netherlands - Ahold today announced consolidated net sales of EUR 5.8 billion for the third quarter ending October 5, 2008. Compared to the third quarter of 2007, net sales increased by 3.9% and increased by 7.6% at constant exchange rates.
In the turbulent economic environment, our continued focus on bringing value to our customers led to a solid performance. We remain vigilant and will respond to any changes in consumer and competitor behavior.
Sales performance
Stop & Shop / Giant-Landover
* Net sales increased 4.4% to USD 3.9 billion. * Net sales included USD 14 million of sales to Tops. Prior to its disposal, such sales were recorded as inter-company sales. * Identical sales increased 4.6% at Stop & Shop (3.8% excluding gasoline net sales) and increased 0.7% at Giant-Landover (0.6% excluding gasoline net sales), impacted by lower pharmacy sales. * Comparable sales increased 4.8% at Stop & Shop and increased 1.0% at Giant-Landover.
Giant-Carlisle
* Net sales increased 11.8% to USD 1.1 billion. * Identical sales increased 8.0% (5.4% excluding gasoline net sales). * Comparable sales increased 8.7%.
Albert Heijn
* Net sales increased 12.2% to EUR 2.0 billion. * Net sales at Albert Heijn supermarkets increased 12.6% to EUR 1.9 billion. * Identical sales at Albert Heijn supermarkets increased 8.3%.
Albert / Hypernova (Czech Republic and Slovakia)
* Net sales increased 15.8% to EUR 411 million (1.5% at constant exchange rates). * Identical sales increased 2.6%.
Unconsolidated joint venture - ICA
* Net sales increased 7.7% to EUR 2.4 billion. At constant exchange rates, net sales increased 9.6%.
Net sales per segment
Q3 2008 Q3 % Q3 YTD Q3 YTD % (in millions) 2007 Change 2008 2007 Change All segments (in euros)
On June 30, 2008, Ahold completed the sale of its 73.2% interest in Schuitema N.V. to private equity firm CVC Capital Partners. Schuitema was classified as a discontinued operation as of the first quarter of 2008. Ahold's unconsolidated joint venture JMR continues to be classified as a discontinued operation.
Ahold Press Office: +31 (0)20 509 5291
Notes
The net sales figures presented in this trading statement are preliminary and unaudited.
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 certain of Ahold's 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 certain 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.
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
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 continued focus on value and the impact thereof on performance, Ahold's response to changes in consumer and competitor behaviour and Ahold's intention to divest its stake in JMR. 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, rising food prices, 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., 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.
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