Carrefour and Ahold delivered full-year results in line with expectations this week. Ahold reiterated growth targets for 2002, but forecast a "slowdown in acquisition activity" and warned the volatile situation in Argentina could lead to further exceptional charges. Net earnings were heavily impacted by exceptionals resulting from restructuring foodservice acquisitions in the US and charges related to the devaluation of the Argentinian peso. However, net earnings before goodwill and exceptionals rose 36.2% to E1.5bn on sales up 29.2% to E66.6bn. Carrefour said 2001 had been dedicated to the integration of GB in Belgium, GS in Italy and Norte in Argentina. There was a significant increase in profitability in France, in Asia and in Europe excluding France. However, Belgian operations remain loss making and the economic crises in Argentina and Brazil impacted figures in Latin America. There was a cautious outlook for 2002 given the uncertain economic environmet. Net profit rose 18.8% to E1.27bn driven by lower taxes and expenses. Sales excluding VAT rose 7.2% to E69.49bn. {{NEWS }}