The recession hit Ahold, the Dutch food retailer, from an unexpected angle on Thursday as it reported a 25 per cent drop in net income due to €66m in provisions to cover contingent liabilities related to bankruptcy filings by two former US subsidiaries.

It comes as the group’s operating results remain buoyant, thanks in large part to concerted efforts in recent years to improve profitability at the US businesses, which accounted for 60 per cent of revenues in the first quarter.