Begian retailer Delhaize has posted its results for the third quarter (Q3) of the year, maintaining its end-of-year guidance despite slipping to a loss for the three-month period.

The group reported on a net loss of €87m for the quarter, down from a profit of €189m in the year-earlier period, hit by a lower operating profit and impairment charges totaling €199m.

Revenue dropped 0.5 per cent at actual exchange rates (+2.9 per cent at identical exchange rates) to €5.34bn from €5.37bn last year.

Despite this, the group's outgoing CEO Pierre-Olivier Beckers – who will be replaced by Frans Muller on 8 November – reiterated the retailer's confidence in generating an underlying operating profit of at least €755m at identical exchange rates for the year.

“We delivered solid results in the US during the third quarter,' noted Beckers. 'Food Lion continued to show good momentum as reflected in the fourth consecutive quarter of positive volume and comparable store sales growth. At Hannaford, we experienced similar positive trends supported by further price investments since the second quarter.

“In Belgium, we have maintained market share, helped by network expansion and higher comparable store sales growth,' he added. 'As a result of our decision to increase price investments and promotions, profitability has declined. In Southeastern Europe, we continue to maintain or even improve our market share in the largest three markets. This has resulted in further improved profitability for the region as a whole.”

Beckers also spoke about the handover of power to Muller.

“Tomorrow, I will hand over my position as CEO of Delhaize Group to Frans Muller. Since joining the company a few weeks ago, Frans has spent a lot of time at our various European and American operations and has already brought a lot of energy to the Group. His experience in food retail combined with continued positive momentum in the Group and our solid balance sheet strengthens my confidence in the future of Delhaize Group.”

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