Shares in retail giant Ahold have increased today (17 November) after posting an increase in third-quarter profits.

For the third quarter, net income reached EUR257m (US$345.9m), up 15.2% on the same period last year. The company said this was positively impacted by a tax provision release of EUR109m, partially offset by a charge of EUR92m related to the estimated impact of a legal judgement. 

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Operating income climbed 5.3% to EUR300m for the three months. The group’s net sales reached EUR6.86bn, up 2.5% on the same period last year.

In the US, identical sales were up 6.8% during the quarter, or by 4.5% excluding fuel. Identical sales were up 3% in the Netherlands. In Ahold’s “other Europe” division, which incorporates Czech Republic and Slovakia, identical sales were also up 3%, or by 2.4% excluding fuel.

Ahold CEO Dick Boer said: “We delivered another quarter of robust performance and gained market share in all of our major markets.”

He added that customers remain cautious with spending, focusing on value in an “inflationary environment”. 

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“We continue to adapt to the challenging market conditions, balancing sales and margins,” he added. 

For the nine-month period, net income reached EUR747m, up 6.9% on the same period last year. However, the group posted an operating income was down 2.1% to EUR1.02bn. Net sales reached EUR22.98bn, up 1.9%.

Shares in Ahold increased 2.22% at 09:01am GMT to EUR9.63.