o www.ahold.com/reports2009
Group performance - continued
Results from operations
Performance
Ahold's 2009 and 2008 consolidated income statements are summarized as follows:
2009 (53 weeks) 2008 (52 weeks)
of of
million net sales million net sales change
Net sales
27,925
100.0
25,648
100.0
8.9%
Gross profit
7,587
27.2
6,871
26.8
10.4%
Retail operating expenses
(6,172)
(22.1)
(5,575)
(21.7)
10.7%
Underlying retail operating income
1,415
5.1
1,296
5.1
9.2%
Unusual items excluded from
underlying retail operating income:
Impairments and impairment
reversals - net
(39)
(0.1)
(13)
(0.1)
n/m
Gains (losses) on the sale of
assets - net
7
0.0
46
0.2
n/m
Restructuring and related charges
(23)
(0.1)
(36)
(0.2)
n/m
Retail operating income
1,360
4.9
1,293
5.0
5.2%
Corporate Center costs
(63)
(0.2)
(91)
(0.3)
30.8%
Operating income
1,297
4.6
1,202
4.7
7.9%
Net financial expense
(283)
(213)
(32.9)%
Income taxes
(148)
(226)
34.5%
Share in income of joint ventures
106
124
(14.5)%
Income from continuing operations
972
887
9.6%
Income (loss) from discontinued operations (78)
195
n/m
Net income
894
1,082
(17.4)%
Week 53
Our financial year consists of 52 or 53 weeks and ends on the Sunday nearest to
December 31. Financial year 2009 consisted of 53 weeks, while 2008 consisted of
52 weeks. Net sales in 2009 were positively impacted by the additional week, while the
impact on operating margins was negligible. In some of the discussions below, we have
included comparisons of the 53 weeks of 2009 with a 53-week period consisting of the
52 weeks of 2008 plus the first week of 2009 (referred to as adjusted 2008).
Net sales
Net sales in 2009 were €27.9 billion, up 8.9 percent compared to 2008. At constant
exchange rates, net sales increased by 6.0 percent. Compared to the adjusted 2008 and
at constant exchange rates, net sales growth in 2009 was 3.9 percent. Net sales growth
was positively impacted by identical sales growth, store remodeling and expansion and
the conversion of 56 former Schuitema stores into the Albert Heijn format in the second
half of 2008, partially offset by store closures and downsizings at Albert/Hypernova. You
can read more about our operating companies' net sales in Performance by segment.
Our net sales consist of consumer sales and sales to franchise stores. Franchise stores
typically operate under the same format as Ahold-operated stores, and are indistinguishable
from them. Franchisees generally purchase merchandise from Ahold, pay a franchise fee
and receive support services, including management training, field support and marketing
and administrative assistance.
Net sales million)
09
27,925
3.9%*
08
25,648
6.9%*
07
24,824
6.6%*
06
24,584
4.2%*
05
23,700
4.3%*
'Net sales growth at constant exchange rates.
Sales growth in 2009 and 2005 are adjusted for
the impact of week 53
Net sales million, of group total)
Albert Heijn
09
08
9,843
8,972
35.2%
35.0%
Albert/Hypernova
09
08
1,683
1,772
6.0%
6.9%
Stop Shop/Giant-Landover
09
12,839
46.0%
08
11,666
45.5%
Giant-Carlisle
09
08
3,560
3,238
12.8%
12.6%
Ahold Annual Report 2009 12
