Delhaize has reported on a strong set of results for the second quarter (Q2) of 2009, with group revenues up 4.3 per cent year-on-year at identical exchange rates and rising 14.3 per cent to €5.1bn (US$7.3bn) at actual exchange rates.
Revenue growth was driven by improved Belgian sales, the continued solid performance of Alfa-Beta in Greece, new store openings and the timing of Easter, the group said.
Belgian revenues jumped 3.3 per cent to €1.1bn, supported by comparable store sales growth of 1.9 per cent, while Greek revenues increased 11.4 per cent to €367m.
In the US, revenues grew 3.4 per cent to US$4.8bn (€3.5bn), with comparable store sales growth of 0.2 per cent.
Operating profit for the three-month period jumped 13.1 per cent, or 25.8 per cent at actual exchange rates, to €244m (US$351m).
'In the second quarter of this year, our group continued to prove its ability to cope with a challenging economic environment,' said group president and CEO Pierre-Olivier Beckers. 'We are particularly satisfied with our continued positive comparable store sales growth despite rapidly decelerating inflation from the second half of the quarter.
'This quarter's operating expense evolution confirms we continue to be on track with our plans to improve our cost structure by €100m and to generate €50m in working capital improvements this year. This significantly enhances our flexibility to reinvest in the growth of our business and support our profitability,' he added. 'While we remain cautious for the rest of the year as a result of the continued economic uncertainty and a stronger base of comparison, our solid performance in the first half of 2009 and our plans for the rest of the year give us the confidence to confirm our 2009 guidance.'
