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ZAANDAM, Netherlands -- Ahold's first quarter net sales came in close to the bottom of expectations, hindered by a lower dollar and divestments.
The world's fourth biggest food retailer said net turnover fell 1 percent to 12.966 billion euros ($16.7 billion). The company will release full results on June 14.
Ahold attributed the drop to lower exchange rates for the dollar and other currencies, but noted its like-for-like sales increased 2.6 percent. While the European and U.S. retail performance came near the bottom of expectations, the U.S. Foodservice unit logged sales that bettered the market consensus.
The retailer generates 74 percent of its sales in the United States, where it owns the Stop & Shop, Giant and Tops stores as well as the U.S. Foodservice catering supplies unit.
In the United States, Stop & Shop/Giant Landover had 4.6 percent higher sales of $5.03 billion but there was a 3.6 percent drop at Giant-Landover's identical sales due to competitive pressure, according to Reuters.