Executive Summary

• Dutch grocer Ahold posted 1Q sales up 14.9% as currency effects boosted reported revenues.
• Sales grew just 1.4% at constant exchange rates.
• Sales in the Netherlands were up 5.7% in the quarter, while USA sales were down 2.1% at constant rates.
• Underlying operating income fell 11.9%, with this measure down 7.7% in the US and down 5.7% in the Netherlands.