Belgian supermarket chain Delhaize has said that its core profits dropped more than 6% in 2002 due to a weak dollar and slower business in the US, the company’s biggest market.

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Delhaize said 2002 earnings before interest, tax, depreciation and amortisation (EBITDA) were €1.54bn (US$1.68bn), compared to €1.65bn a year earlier. The drop was less than the 10% average that had been expected by analysts.


The company’s net profit for 2002 was €178.3m, an increase of 19.3% year-on-year, which Delhaize said was due to fewer exceptional items, debt charges and taxes.


The retailer’s total sales slid 3.3% to €20.7bn, while organic sales grew 2.1%, reported Reuters.


The company said it expected sales growth of 1.5-3% in 2003, but said its US same-store sales would remain flat or drop 2% in the year.

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Delhaize, which owns U.S. chains Foodlion and Hannaford, forecast net profit for 2003 to be between €150m and €185m.