Delhaize Group (DEG: Quote) announced that its fourth quarter revenues increased by 2.3% and 0.3% at actual and identical exchange rates, respectively. Organic revenue growth was 2.5%.
Comparable store sales were flat and volume growth turned positive for the quarter, as a result of the Food Lion brand repositioning and better volume trends at Hannaford.
Revenues at Delhaize Belgium increased by 2.4% as a result of comparable store sales growth of 0.8%, the contribution of new stores and a 0.5% positive calendar impact.
Revenues in Southeastern Europe and Asia grew by 7.3% at identical exchange rates as a result of the strong performance in Greece and Romania.
Delhaize said that it is incurring of about EUR 390 million of non-recurring charges, of which less than EUR 20 million is an incremental cash charge. The company specified that about EUR 300 million of charges will be recorded in fourth quarter and EUR 90 million will impact in the first quarter of 2013.
Click here to receive FREE breaking news email alerts for Delhaize Group and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comBusiness News