AHOLD to meet cost savings target earlier than planned

 Ahold chief executive Anders Moberg yesterday said that the retailer is on track to meet its cost saving target by the end of 2009 and is ahead with its cost cutting programme at the company’s headquarters. The retailer aims to reduce its corporate expenses by 50% in 2008. Last year Ahold cut these costs by 28% to EUR135 million (USD169.3 million), "I'm confident we can reach our target earlier." He said that Ahold is on track to meet its target to reduce its overall costs by EUR500 million (USD659.8 million) by the end of 2009. Additionally, Ahold said capital expenditure will be EUR1.3 billion (USD1.7 billion) in 2007.