Belgian retailer Delhaize exceeded its guidance range today (12 March) with an increase in full-year profit boosted by a rise in private brand sales and good cost management.

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Group share in net profit amounted to EUR467.1m (US$597), an increase of 13.9% at actual exchange rates compared to 2007.


Operating income however, decreased by 11.4% to EUR95.6m due to lower gains from the sale of Cash Fresh stores to independents as more stores were sold in 2007, and EUR3m gains related to the sale of Di in 2007.


Delhaize had forecast operating profit growth of up to 3% for the fourth quarter at identical exchange rates. The 2008 figure was 3.4%.


Revenue for the 2008 period amounted to EUR19bn, an increase of 0.4% at actual exchange rates due to the weakening of the US dollar by 6.8% against the Euro compared to the previous year.

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Revenue grew 1.4% at Delhaize Belgium in 2008, negatively impacted by the divestiture of Di but supported by a 2.2% comparable store sales growth.


The company posted a “strong” performance of Alfa-Beta in Greece with revenue growth of 13.8% in 2008 including the Plus Hellas acquisition.


Delhaize Group ended 2008 with a sales network of 2,673 stores, an increase of 128 stores compared to 2007, including 29 acquired Plus Hellas stores in Greece and 14 La Fourmi stores in Romania.


“Delhaize Group again posted a solid performance in 2008,” said Pierre-Olivier Beckers, president and CEO. “Our profit growth for 2008 ultimately exceeded our guidance range as a result of sustained gross margin supported by increased private brand sales, continued efficiencies and disciplined cost management.
 
“We are confident that in 2009 our strong store concepts, product assortments and price positioning will support our performance,” Beckers added.


The group said it expects operating profit growth of up to 3% in 2009 at identical exchange rates. Excluding a 53rd week of business in 2008, growth would be between 3.5% and 6.5%.

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