Dutch retailer Ahold has warned that the aftermath of an accounting scandal at its US subsidiary will continue to hit profits this year. "The distractions caused by the events surrounding the announcement on February 24 2003 and the related investigations are expected to have had a negative impact on our business," the firm said in a statement.
Ahold also blamed the weak global economy and strong competition for its woes.
Earlier this month, Ahold admitted that it had run up losses of 1.2bn euros during 2002 - or 4.3bn euros under US accounting rules - the full scale of which the firm had originally tried to conceal.
The latest warning shows that Ahold is not succeeding in trying to sweep its past mistakes under the carpet.
"The outlook is where the pain is; it is all negative," said asset manager Lex Werkheim.
Ahold shares dropped 5% after delivering its weak outlook.
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