Belgium-based retailer Delhaize has booked an increase in full-year sales and reconfirmed its guidance for its annual profits in 2010.
In 2010, Delhaize achieved revenues of EUR20.8bn (US$28.2bn), up 1% on a constant-currency basis.
Go deeper with GlobalData
At actual exchange rates, sales climbed 4.6%, driven by the strengthening of the US dollar against the euro. On an organic basis, revenue was up 0.9%.
In the fourth quarter, revenues increased by 1.5% at identical exchange rates and by 7.6% at actual exchange rates. Organic revenue growth was 1.4% supported by “solid” comparable-store sales in Belgium – which rose 3.8% – an “excellent quarter” at US banner Hannaford and “sustained revenue growth” in Greece of 5.5%.
Delhaize president and CEO Pierre-Olivier Beckers said: “During the fourth quarter of 2010, our revenue growth improved as a result of the continued implementation of our ‘New Game Plan’. As a result of our solid fourth-quarter revenues and continued cost management, we confirm our 2010 earnings guidance.”
Delhaize has stuck by its forecast that full-year operating profit could fall 2% – but could rise 2%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe retailer added that it plans to open 120 to 130 new stores in 2011, remodel around 120 stores and close 20 stores.
Delhaize’s full-year results are expected to be released on 10 March.
Shares rose 1.9% to EUR57.11 at 10:10am BST this morning.
Click here to view the trading update.
