Belgium food retailer Delhaize Frères et Compagnie-Le Lion SA today [Tuesday] reported an 81% rise in net profits for the first quarter of 2002 to €48.3m (US$44m) (2001: €26.7m).

Delhaize makes some 80% of its sales in the United States, where sales improved during the quarter under review. A 5% appreciation of the dollar against the euro also boosted the contribution from the US, where the group operates 1,400 stores in 16 states under formats including Food Lion, Hannaford Bros and Kash n’ Karry.

Sales rose 8.2% on the year to €5.4bn from €4.99bn.

President and CEO Pierre-Olivier Beckers said the management was satisfied with the company’s result.

Delhaize Q1 results (€)
2002 2001
Net profit  48.3m  26.7m
Operating profit  215.5m  203m
Cashflow (EBITDA)   408.7m  366.1m
Sales  5.4bn  4.99bn
Net EPS  0.52  0.51
Source: Dow Jones