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Royal Ahold overstates earnings by $500 million

Published Tuesday, February 25, 2003

Royal Ahold NV, the Netherlands-based supermarket and foodservice operator with major holdings in the United States, disclosed Feb 24, 2003, that operating earnings for fiscal year 2001 and expected operating earnings for fiscal year 2002 were overstated by an amount that the company believes may exceed $500 million. Overstatements of income discovered to date will require the restatement of Ahold’s financial statements for fiscal year 2001 and the first three quarters of fiscal year 2002. In response to the disclosure of Ahold’s true financial condition, its American Depository Receipts (ADRs) plummeted from a Feb 21, 2003, close of $10.69 ...

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