Ahold, the Dutch retailer, said on Thursday it was keeping discount retailers at bay in the US and its home market thanks to the introduction of own-label products, as it reported a recovery in profit margins and better-than-expected third quarter results.

The group has been making a big push in the US, which contributes more than half of its revenue, by cutting prices and re-branding its supermarkets at a time when consumers are being more cautious in their spending.