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This spring, he offered to resign, only to receive a contract extension of up to seven years from Ahold's comatose board.Ahold, which earns two-thirds of its profits in America, from supermarkets and supplying meals to institutions, is suffering from soft retail spending and competition from Wal-Mart, the world's biggest retailer.
Soft retail sales and a weak holiday shopping season, he said, were "reasons you have to be cautious".
Two of the major indexes slipped Thursday as soft retail sales and a sharp rise in the dollar left investors edgy a day before the December jobs report.
They continue to be up double digits, although it has been a soft retail environment during the last month or two," the chief executive, Alfred J. Verrecchia, said.
The report was the latest to confirm a sustained weakness in the economy through the second quarter, which has been marked by a sharp slowdown in regional factory activity, soft retail sales and anemic employment growth.
Many think that Vingroup, the local developer behind that underground mega-mall, has taken a mega-risk by building in such a soft retail market.Trends in modern grocery retailing are equally hard to analyse with any certainty.
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It forecast a rise in 2001 business expenses as it battles a soft retailing environment.
On Tuesday, Home Depot said profits slipped 14.8% amid softer retail sales.
"A softer retail picture may help assuage some fears that growth is currently just being driven by consumer spending".
Strength in financial stocks helped offset economic reports that showed soft December retail sales and consumer confidence that was hurt by rising gasoline prices.
"However, ongoing very low earnings growth and some recent signs that growth could be losing momentum (a marked relapse in industrial production and construction output in May as well as a soft BRC retail sales survey for June) highlights the fact that any interest rate hike this year is far from a done deal," he added.
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