Dutch retailer Ahold posted a 45.7% rise in first-quarter net profit to reach €274m (£226.6m), mainly due to changes in its estimates for provisions for its former subsidiaries.
It posted a 1% sales increase in its first quarter to reach E8.7bn (£7.2bn), a 3.4% increase at constant exchange rates. Operating income was up 3.3% to E409m (£338m).
Ahold’s US operations posted 4.2% sales growth to reach $7.1bn (£4.1bn), which it attributed mainly to its acquisition of Ukrop’s. Like-for-like sales were up 1.7% and it posted an operating income of $295m (£204m).
Its Dutch operations posted a 3.7% sales increase to E3.1bn (£2.6bn), with identical sales growing 2.8%. Operating income was up E25m compared with last year, reaching E214m (£177m).