Pension costs dent retailer Ahold's Q4 profitsFebruary 28, 2013 @ 12:21 am
AMSTERDAM (AP) - Royal Ahold NV, the Dutch operator of U.S. supermarket chains Stop & Shop and Giant, has reported a 41 percent fall in fourth quarter profits as a result of pension and restructuring charges.
Net profit was (EURO)158 million ($208 million), down from (EURO)270 million in the same period the previous year. The fall was due to one-time charges of (EURO)88 million to settle changes in the company's U.S. pension plan, and another (EURO)88 million hit to write down the value of the company's software systems.
The charges masked a 7.5 percent increase in revenue to (EURO)7.84 billion.
CEO Dick Boer says the company is "cautious" in its outlook for 2013, but would increase its dividend by 10 percent to (EURO)0.44 per share, and buy back (EURO)500 million worth of shares.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Cause of Collapse
The I-5 bridge over the Skagit River likely collapsed after a support was struck by a semi truck
"I hit the brakes and we went off"
Washington has an unfortunate history of bridge disasters
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.