Belgian retailer Delhaize has booked an increase in first-quarter profits, boosted by a “strong” increase in its domestic sales.
For the three-month period to the end of March, net profit increased 2.6% to reach EUR130m (US$169m).
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However, operating profit dropped 2.7% to EUR241m, due to the weakening of the US dollar against the euro. Revenues fell 2.3% to EUR4.97bn.
Nevertheless, excluding the impact of foreign exchange, operating profit was up 1.7%; revenues also rose 1.7%.
Sales in Belgium rose 5.2%; comparable-store sales were up 4.3%. Food deflation in the US meant Delhaize’s sales in that market dipped 0.4%.
Pierre-Olivier Beckers, president and CEO of Delhaize, said: “Delhaize Belgium’s performance is outstanding and our continued price repositioning efforts, together with successful sales building initiatives have resulted in continued weekly market share gains for 15 months now.”
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By GlobalDataDelhaize reiterated its full-year guidance of operating profit growth of between 7% and 10% and repeated that the growth this year will be mostly generated in the second half of the year.
Click here to view the full release or check back later for further insight into the firm’s first-quarter results.
