Delhaize Group Strongly Accelerates Revenue Growth in the Second Quarter
(Thomson Reuters ONE) -
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Financial Highlights Second Quarter 2011 (at identical exchange rates)
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» Group revenue growth of +3.9% (-4.2% at actual exchange rates) supported by
all operating segments
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» Positive comparable store sales evolution of +1.6% in the U.S. (+2.6%
unadjusted for Easter); flat comparable store sales in Belgium
» Operating profit growth of +0.5% (-7.8% at actual exchange rates)
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» Operating margin of 4.1% (5.2% in Belgium)
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» Revenue growth in the SEE & Asia of +7.8% (+7.6% at actual exchange rates)
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Financial Highlights First Half 2011 (at identical exchange rates)
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» Revenue growth of +2.4% (-1.4% at actual exchange rates)
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» Operating margin of 4.2%
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Other Highlights
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» Re-launched Food Lion stores show good results and receive positive customer
feedback
» Completion of the Delta Maxi acquisition, making Delhaize Group a leading
food retailer in Southeastern Europe
» Achieved approximately EUR 300 million or 60% midway to the 2012 year-end
EUR 500 million gross annual cost savings target
» Updated full year 2011 cash capex guidance to a range of EUR 820 to EUR 840
million
» CEO Comments
Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group,
commented: "In the second quarter, revenue growth accelerated in all operating
segments as a result of the continued implementation of our New Game Plan.
Comparable store sales growth, helped by sales initiatives and higher retail
inflation, turned positive again in the U.S. We are especially encouraged by
improving volume trends in the U.S. Southeast, while our Hannaford operations
continued their strong performance. Alfa Beta again gained market share and grew
revenues despite the tough Greek economic climate. The acquisition of Delta
Maxi, allowing us to accelerate revenue contribution in Southeastern Europe, is
a significant step in the rebalancing of our portfolio towards higher growth
markets."
"At the end of the first half of 2011, our results are in line with our plans.
Despite the slight delay we are experiencing in the U.S. category management and
supply chain savings, we are confident that the second half of the year will
show an acceleration of our revenue and profit momentum. In addition, first
results from the two re-launched Food Lion markets are very encouraging and
strengthen our conviction that we are pulling the right levers."
"At the end of the second quarter, we are midway towards our 2012 annual gross
savings target of EUR 500 million and we have achieved already 60% of the
planned cost savings to date. These continue to provide us with the necessary
fuel to further invest in prices, other sales building initiatives, such as our
Food Lion brand repositioning work, and to cover inflation and other cost
increases."
» Contacts
Geert Verellen: + 32 2 412 83 62
Saskia Dheedene: + 32 2 412 96 11
Steven Vandenbroeke (media): +32 2 412 86 69
Amy Shue (U.S. investors): +1 704 633 82 50 (ext. 2529)
Press release in pdf format:
http://hugin.info/133961/R/1536428/468748.pdf
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Source: Delhaize Group via Thomson Reuters ONE
[HUG#1536428]
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 57013
Anzahl Zeichen: 4888
contact information:
Town:
Brussels
Kategorie:
Business News
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