AHOLD, the world's third-largest supermarket group, will need to get back to its European...

AHOLD, the world's third-largest supermarket group, will need to get back to its European roots if it is to recover the credibility it has lost through last week's profits warning.

After promising investors that Ahold would deliver 5%-8% earnings per share growth in August, the Dutch-listed company's chief executive, Ceen van der Hoeven, admitted it will see a 6%-8% drop.

He also infuriated analysts by promising to sell off non-core businesses and implement a new three-year strategy, while refusing to define what "core" is. He also explained away the group's