Dutch conglomerate Ahold has reported a 3% in second-quarter income but warned the market remained “challenging” due to high levels of promotional activity.

Net income hit £166m for the past three months, up £5m on the previous year. In the US, sales rose 5.5% to £3.5bn, mainly due to acquisitions including the 25 stores snared from Ukrop’s Super Markets for £84m.

Ahold’s Dutch stores saw a 4.4% increase in net sales to £1.9bn, with operating income up £7m to £130m.

“We continued to grow sales, volumes and market share in the Netherlands and the US while delivering solid financial results,” said chief executive John Rishton.

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World News (5 June 2010)