Dutch retailer Ahold reports profit drop

Dutch retail giant Ahold on Thursday posted second-quarter profits down almost 29 percent at 147 million euros ($195 million), hit by unfavourable exchange rates and despite a jump in online sales. Profits for the same period last year were 206 million euros, the company said in a statement. Turnover fell by 4.1 percent to 7.4 billion euros, although the drop would have been just 1.1 percent at fixed rates. Ahold partly explained the drop by the timing of Easter this year, as well as a "challenging competitive environment" and a weak dollar. Worldwide online sales were however up 18.6 percent at 273 million euros, Ahold said.