Belgian retailer Delhaize ‘Le Lion’ today [Thursday] revised its forecast full-year sales and earnings per share downwards following sluggish trading in the US, its primary trading zone.
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Cash earnings per share are now expected to decline 24-9% compared with last year, assuming stable currency exchange rates. This contrasts with previous forecasts of flat cash earnings per share at constant currencies.
The company also said that total group sales look set to increase by 1.5-2.5% at constant exchange rates excluding Super Discount Markets in the US, but decline by 1-2% when assuming current exchange rates for the rest of the year, reported Reuters.
Same-store US sales would grow 0.5-1% slower than previous year, the company added.
“While most of the operations in Europe and Asia and the Hannaford banner in the US performed during the summer months as expected, the two other US banners of Delhaize Group – Food Lion and Kash n’ Karry – trended lower than anticipated in July, August and early September,” Delhaize said in a statement.
