Retail giant Ahold Delhaize’s net profits grew by 13% in the third quarter of 2022, mainly thanks to strong sales in the US and the strong dollar.

The company, which owns Albert Heijn, Etos and online retailer bol.com, saw its turnover increase by 21% worldwide, with US operations accounting for around two-thirds of sales. When the effect of the exchange rate is discounted the growth rate falls to 9%.

The better than expected results prompted Ahold Delhaize to raise its profit forecast for 2022 from 5% to 10%.

Profits from European supermarkets fell to 3.4%, below the company’s target of 4%, meaning shoppers are unlikely to see a difference in prices on the shelves.

CEO Frans Muller said he accepted that the profits would anger some people who are struggling to afford groceries because of high inflation.

‘I understand that sentiment,’ he said. ‘It’s down to us to explain it properly. The profits have mainly come from America; in Europe we’ve had to settle for quite a bit less.’