Giant's Sales Growth Continues
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Wednesday, July 29, 2009
A key measure of sales at Giant Food jumped nearly 4 percent during the second quarter compared with the year-ago period, turning the once-beleaguered grocer into the best performer under parent company Royal Ahold.
Ahold, based in Amsterdam, reported that sales at Giant Food stores open at least a year -- known as identical-store sales -- rose 3.7 percent, while identical-store sales at sister chain Stop & Shop grew 1.7 percent. Total sales at the two chains increased 2.8 percent, to $4.1 billion.
Ahold said second-quarter revenue for the entire company was $9.1 billion, up 11.5 percent from last year, though most of the gain came from fluctuations in currency rates. Giant Food and Stop & Shop account for about 47 percent of Ahold's revenue.
Giant's results mark its fourth consecutive quarter of identical-store sales growth and are evidence of a turnaround that has been several years in the making. The chain, based in Landover, is remodeling about 100 stores under a program called Project Refresh, the largest capital investment in Giant since Ahold bought it more than a decade ago. Ahold has also lowered prices and worked to improve the quality of produce and prepared foods.
