Supermarket giant Ahold booked net profit well above forecasts at €1bn in 2011 but warned on Thursday sales growth in the first quarter will reflect difficult market conditions.

‘We expect 2012 to be another challenging year for the food retail industry. The macro-economic environment means that consumers still continue to look for value and competition will remain intense,’ chief executive Dick Boer said in a statement. ‘We anticipate sales growth in the first quarter will reflect the difficult economic conditions, as well as the timing of Easter.’
Ahold announced its 2011 sales figures in January. Q4’s results took full-year sales to €30.3bn, up 2.5% on 2010. Full-year sales and market share were up in both the Netherlands and the US. The €1bn net profit figure is a 19% increase on 2010.
Earlier this week, Ahold said it was to pay €350m to acquire online book and music seller Bol.com.