Dutch grocer Royal Ahold (AEX:AH) has had a solid first half, reporting a 2.6 per cent rise in underlying operating profit and 3.8 per cent increase in sales.
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Admittedly, pre-tax profit fell €116m (£100.08) to €506m, but this reflected a number of one-off items, such as a €63m charge related to a pension plan settlement. In the US, volumes were under pressure, but Ahold gained market share, ending the half-year with like-for-like sales growth of 1.2 per cent. In Holland, same store sales inched up 1.7 per cent, but new store openings and strong trading online boosted overall sales by 6.6 per cent. In the second quarter alone, Ahold unveiled 23 new pick-up points for US online grocer Peapod and albert.nl in the Netherlands.
