Belgian retailer Delhaize has reported on a positive set of results for the fourth quarter (Q4) of 2010, with revenue growth of 7.6 per cent at actual exchange rates, or 1.5 per cent at identical exchange rates.
'During the fourth quarter of 2010, our revenue growth improved as a result of the continued implementation of our New Game Plan,' said Pierre-Olivier Beckers, president and CEO of Delhaize Group. 'As a result of our solid fourth quarter revenues and continued cost management, we confirm our 2010 earnings guidance.'
Mr Beckers noted that the group had seen a continuation of the 'encouraging trends' of the third quarter at Food Lion, while Hannaford had an 'excellent quarter' and Delhaize Belgium posted 'excellent sales', continuing to grow market share and realising the highest annual comparable store sales growth in the last seven years despite the lack of inflation.
Alfa Beta again grew revenues in the fourth quarter, he explained, and increased market share despite the difficult economic market in Greece – in fact, revenues in the 'Rest of the World' increased by more than 20 per cent in each quarter of 2010.
For the full year of 2010, revenues grew 4.6 per cent at actual exchange rates, or 1 per cent at identical exchange rates.
'2011 will be the second year for our New Game Plan and our brands will continue to benefit from the many sales building initiatives such as price investments, private brand innovation and assortment optimisation,' Mr Beckers added. 'Funding for these initiatives will come from the €500m annual gross cost savings that we target to achieve by the end of 2012.
'We are confident that the many initiatives included in our New Game Plan will allow us to achieve faster growth in the coming years.'
