Submitted by Fox First at Ten on February 28th
AMSTERDAM (AP) - Royal Ahold NV, the Dutch operator of U.S. supermarket chains Stop & Shop and Giant, has reported a 41 percent fall in fourth quarter profits as a result of pension and restructuring charges.
Net profit was €158 million ($208 million), down from €270 million in the same period the previous year. The fall was due to one-time charges of €88 million to settle changes in the company's U.S. pension plan, and another €88 million hit to write down the value of the company's software systems.
The charges masked a 7.5 percent increase in revenue to €7.84 billion.
CEO Dick Boer says the company is "cautious" in its outlook for 2013, but would increase its dividend by 10 percent to €0.44 per share, and buy back €500 million worth of shares.
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