Ahold Posts Poor Sales
AMSTERDAM -- Ahold is expected to show a weak sales performance on Friday, when the company gives second-quarter turnover data ? down approximately $15.3 million, according to reports.
While a weak dollar is to blame at the U.S. operations, the Europe turnover remains depressed by economic conditions pushing shoppers toward discount retailers and away from full-service chains.
Ahold's troubled U.S. foodservice unit will report lower sales due to an exodus of clients, according to Paris-based analyst Christian Devismess, Forbes reported.
The company needs to present its 2002 audited group accounts by August 15 to a group of lending banks that provided a 3.1 billion euro credit facility, running out in 2004. The group has debts of over 12 billion euros, and the new CEO, Anders Moberg is expected to unveil a strategy in October that could include sales of important assets.
Furthermore, on Friday, Ahold completed the first stage of its announced retreat from South America and sold Santa Isabel in Chile.
While a weak dollar is to blame at the U.S. operations, the Europe turnover remains depressed by economic conditions pushing shoppers toward discount retailers and away from full-service chains.
Ahold's troubled U.S. foodservice unit will report lower sales due to an exodus of clients, according to Paris-based analyst Christian Devismess, Forbes reported.
The company needs to present its 2002 audited group accounts by August 15 to a group of lending banks that provided a 3.1 billion euro credit facility, running out in 2004. The group has debts of over 12 billion euros, and the new CEO, Anders Moberg is expected to unveil a strategy in October that could include sales of important assets.
Furthermore, on Friday, Ahold completed the first stage of its announced retreat from South America and sold Santa Isabel in Chile.