Belgium: Delhaize Group sees rise in Q4 sales
Belgian retailer Delhaize has seen a rise in Q4 sales with performance both domestically and in the US outperforming expectations, Just Food reports.
Fourth quarter revenue increased by 0.1% or by 0.3% at identical exchange rates, while comparable store sales in the US rose by 2.8% and in Belgium by 2.4%. However same-store sales in Eastern Europe dropped by 0.6%, with results in Serbia in particular weaker than hoped.
Commenting on the results, president and CEO Frans Muller said: "Our fourth quarter 2013 sales were strong both in the US and in Belgium. In the US, where volume growth continued to be positive, we were especially pleased with Food Lion's momentum. Despite the ongoing competitive trading conditions, our operations in Belgium delivered solid year-end sales."
Delhaize group generated preliminary unaudited underlying profits of €770m ($1,053m). Shares in the company were up following the release of the results, according to Just Food.
Source: Just Food