With its U.S. sales sputtering and problems in Latin America, Royal Ahold NV reported a drop in third-quarter profits yesterday and announced plans to divest some of its ancillary businesses.

Ahold's two Maryland companies - U.S. Foodservice of Columbia and Giant Food Inc. of Landover - shouldn't be affected, one analyst said.

"I don't see it in any significant way," said Jeff Metzger, publisher of Food World, a food industry trade journal based in Columbia.

Ahold said yesterday that net income in the quarter that ended Oct. 6 plunged a larger-than-expected 15 percent, to $260 million. Analysts had been looking for only a 3 percent decline, to $299.2 million.

Third-quarter sales at U.S. stores open for a year or more fell 0.2 percent, the company said. That's significant since Ahold's six U.S. grocery gains - Giant Food among them - account for more than half the company's worldwide sales.

"It's a very challenging time" in the U.S. market, Metzger said. "To say there is a recessionary environment may be too bold a step. But I think there is a recessionary mentality. And that's really affected a tangible loss of confidence in the economy" among consumers, who as a result are spending less on virtually everything.

But even with the U.S. slowdown, Ahold faces even larger issues in other foreign markets. For example, currency devaluation in Argentina and Brazil virtually vaporized the Dutch company's entire quarterly profit in Latin America.

In the second quarter, Ahold took a charge of $435 million for the default of its Argentinian partner. It expects additional charges of as much as $910 million by the end of this year, due to problems in Asia, Brazil and Spain, the company said.

Ahold said it's responding by embarking on a plan to increase sales and profit growth between now and 2005, while also reducing debt. The company will focus on food retailing and food service, and is studying the sale of operations involved with production and financial services that don't relate to its two core businesses.

Some of the proceeds from sales will be used to pare corporate debt, as well as to ignite growth, the company said.

Ahold did not detail its plan, and officials weren't available for comment late yesterday.

"There is a plan, but there is very little flesh on the bone," said Tim Attenborough, an analyst with BNP Paribas who has a "neutral" rating on the Ahold's shares. "The message is 'wait and see.' We're expected to take on board quite a lot on trust."

Whatever the plan looks like, Food World's Metzger sees both Giant and U.S. Foodservice remaining largely intact and in the picture, since both relate to Ahold's stated core focus. Ahold acquired Giant in 1998 and U.S. Foodservice in 2000. The latter is a food-distribution company.

"A lot of their noncore businesses are outside the U.S.," Metzger said.

Bloomberg News contributed to this article.