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May 24, 2002

BELGIUM: Delhaize confirms 2002 targets, reduces debt

Belgian retailer Delhaize Frères et Compagnie-Le Lion has reiterated 2002 forecasts of a 5% growth in turnover, and a 10-12% growth in earnings per share. “We want to bring our debt to own funds ratio to a one to one level by 2003,” L'Echo reported managing director Pierre-Olivier Beckers as saying at the company's annual shareholder meeting Thursday.

Belgian retailer Delhaize Frères et Compagnie-Le Lion has reiterated 2002 forecasts of a 5% growth in turnover, and a 10-12% growth in earnings per share.

“We want to bring our debt to own funds ratio to a one to one level by 2003,” L’Echo reported managing director Pierre-Olivier Beckers as saying at the company’s annual shareholder meeting Thursday.

Beckers said Delhaize will steer clear from making new acquisitions while it focuses on debt reduction.

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