Belgian retailer Delhaize reported an 80% drop in net profits in its second quarter to €9.3m (US$10.5m).

The fall was largely attributed to a one-off charge of €51.8m related to an inventory-accounting change in the US. Delhaize does some 80% of its business in the US.

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Overall sales declined 12.5% from €5.26bn to €4.6bn. However, the company said that full-year sales are on line to grow by as much as 3.5%. Full-year earnings growth estimates have been increased to as much as 20% before exceptional items and goodwill.

Delhaize is pursuing a strategy of shuttering lossmaking stores and focusing on its US activities. For the second consecutive quarter, sales improved at the company’s US supermarket divisions Food Lion and Kash n’ Karry, reported the Wall Street Journal.

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