Ahold today announced consolidated net sales of EUR 6.8 billion
for the fourth quarter ending January 3, 2010. Net sales increased
by 3.4% and increased by 11.0% at constant exchange rates compared
to the fourth quarter of 2008. For the full year, net sales were
EUR 27.9 billion, 8.9% higher compared to 2008. At constant
exchange rates, net sales for the full year were up 6.0%.
Consolidated net sales in the fourth quarterand the full year of
2009 were positively impacted by an additional week compared with
the previous year. Net sales in the fourth quarter 2009 increased
by 2.1% at constant exchange rates on an adjusted basis. Net sales
for the full year 2009 were up 3.9% at constant exchange rates on
an adjusted basis.
Aholddelivered strong volume growth in all markets in the fourth
quarter. Sales were impacted by deflation and trading down by
customers while increased promotional activity continued.
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Sales performance
Stop &Shop/Giant-Landover
Fourth Quarter
* Net sales increased 10.5% to $ 4.4 billion. Net sales
increased 1.8% when compared to the adjusted fourth quarter 2008
sales.
* Identical sales increased1.0% at Stop & Shop (decreased
0.4% excluding gasoline) and increased 2.4% at Giant-Landover (1.6%
excluding gasoline).
* Comparable sales increased 1.3% at Stop & Shop and
increased 2.9% at Giant-Landover.
Full Year
* Net sales increased4.6% to $ 17.9 billion. Net sales increased
2.6% when compared to the adjusted full year 2008 sales.
* Identical sales increased 1.6% at Stop & Shop (2.2%
excluding gasoline) and increased 3.0% at Giant-Landover (2.6%
excluding gasoline).
* Comparable sales increased2.1% at Stop & Shop and
increased 3.5% at Giant-Landover.
Giant-Carlisle
Fourth Quarter
* Net sales increased15.0% to $ 1.3 billion. Net sales increased
6.0% when compared to the adjusted fourth quarter 2008 sales.
* Identical salesincreased 2.8% (1.0% excluding gasoline).
* Comparable salesincreased 4.0%.
Full Year
* Net sales increased4.6% to $ 5.0 billion. Net sales increased
2.6% when compared to the adjusted full year 2008 sales.
* Identical salesincreased 0.3% (2.2% excluding gasoline).
* Comparable sales increased 1.3%.
Albert Heijn
Fourth Quarter
* Net sales increased12.3% to EUR 2.5 billion. Net sales
increased 3.0% when compared to the adjusted fourth quarter 2008
sales.
* Net sales at Albert Heijn supermarkets were EUR 2.3 billion,
up 12.4% compared to last year. Net sales at Albert Heijn
supermarkets increased 3.2% compared to the adjusted fourth quarter
2008 sales.
* Identical sales at Albert Heijn supermarkets increased
1.2%.
Full Year
* Net sales increased9.7% to EUR 9.8 billion. Net sales
increased 7.3% when compared to the adjusted full year 2008
sales.
* Net sales at Albert Heijn supermarkets were EUR9.0 billion, up
9.7% compared to last year. Net sales at Albert Heijn supermarkets
increased 7.4% compared to the adjusted full year 2008 sales mainly
due to the conversion of former Schuitema stores into the Albert
Heijn format in the second half of 2008.
* Identical sales at Albert Heijn supermarketsincreased
1.7%.
Albert/Hypernova (Czech Republic and Slovakia)
Fourth Quarter
* Net sales decreased1.8% to EUR 431 million (0.1% at constant
exchange rates). When compared to the adjusted fourth quarter 2008
sales, net sales decreased 7.0% at constant exchange rates. Sales
were negatively impacted by store closures as part of our
restructuring program.
* Identical sales decreased 1.4% (2.3% excluding gasoline).
Full Year
* Net sales decreased5.0% to EUR 1.7 billion (0.6% at constant
exchange rates). When compared to the adjusted full year 2008
sales, net sales decreased 2.4% at constant exchange rates.
* Identical sales decreased 1.2% (1.2% excluding gasoline).
Unconsolidated joint venture - ICA
Fourth Quarter
* Net sales increased 0.8% to EUR 2.4 billion. At constant
exchange rates, net sales increased 0.1%.
Full Year
* Net sales decreased5.7% to EUR 8.9 billion. At constant
exchange rates, net sales increased 1.7%.
Net sales per segment
---------------------------------------------------------------------------
Q4 2009 Q4 FY FY
(13 2008* % 2009 2008* %
(in millions) weeks) (12 Change (53 (52 Change
weeks) weeks) weeks)
---------------------------------------------------------------------------
All segments(in
euros)
Stop &
Shop/Giant-Landover 3,010 3,067 (1.9)% 12,839 11,666 10.1%
Giant-Carlisle 869 851 2.1% 3,560 3,238 9.9%
Ahold USA 3,879 3,918 (1.0)% 16,399 14,904 10.0%
Albert Heijn 2,491 2,219 12.3% 9,843 8,972 9.7%
Albert/Hypernova 431 439 (1.8)% 1,683 1,772 (5.0)%
Ahold Europe 2,922 2,658 9.9% 11,526 10,744 7.3%
---------------------------------------------------------------------------
Ahold Group 6,801 6,576 3.4% 27,925 25,648 8.9%
---------------------------------------------------------------------------
Unconsolidated joint
venture - ICA** 2,375 2,356 0.8% 8,919 9,460 (5.7)%
Average U.S. dollar
exchange rate
(euro per U.S.
dollar) 0.6767 0.7625 (11.3)% 0.7194 0.6828 5.4%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
U.S. segments(in U.S.
dollars)
Stop &
Shop/Giant-Landover 4,443 4,022 10.5% 17,867 17,074 4.6%
Giant-Carlisle 1,282 1,115 15.0% 4,958 4,738 4.6%
---------------------------------------------------------------------------
*Due to changes in accounting policies applied retrospectively,
comparative information has been changed as explained further under
Notes to this Trading Statement.
**The quarter and financial year for the ICA unconsolidated
joint venture corresponds to the calendar quarter and year
respectively, and accordingly there was no 53rd week impact.
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
EUR 4 million decrease in net sales at Albert Heijn for the fourth
quarter of 2008 (Full year 2008: EUR 14 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 fourth quarter of 2008 decreased by EUR 15 million (Full year
2008: EUR 60 million), predominantly at Albert Heijn.
Definitions
* Identical sales: net sales from exactly the same stores in
local currency for the comparable period (comparable period
corresponds to the adjusted fourth quarter 2008 and the adjusted
full year 2008 respectively).
* 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.
* Adjusted fourth quarter 2008 sales. Adjusted fourth quarter
2008 sales include net sales in the fourth quarter of 2008 plus net
sales in the first week of 2009. Ahold's management believes that
this measure provides an insight into the impact of an additional
week when net sales are compared to the same quarter in the
previous year.
* Adjusted full year 2008 sales. Adjusted full year 2008 sales
include net sales in full year 2008 plus net sales in the first
week of 2009. Ahold's management believes that this measure
provides an insight into the impact of an additional week when net
sales are compared to the previous year.
Other
* Ahold's financial year 2009 comprised an additional 53rd week.
This follows from our use of a 364-day calendar (13 four-week
periods per year) which requires an extra week in certain years in
order to align our year end as closely as possible to the calendar
year.
* In the future, Ahold will dispense with the quarterly trading
statements and only issue an annual trading statement following its
fourth quarter.
Please open the link below for the full version of the Trading
Statement Fourth Quarter and Year 2009:
[HUG#1375458]
Ahold Trading Statement Q4 and 2009:
http://hugin.info/130711/R/1375458/337468.pdf
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