Belgian retailer Delhaize has announced group revenue growth of some 7 per cent for the fourth quarter of 2011, bringing full year growth to 4.6 per cent.
The company attributed the increase in part to strong revenue growth of 62.9 per cent in southeastern Europe and Asia during the last quarter, given the disappointing results in Belgium and the US.
President and CEO Pierre-Olivier Beckers commented: “While we grew our revenues for the full year, we are disappointed in the fourth quarter revenues in the US and Belgium.'
Consumers continued to feel pressured in the fourth quarter due to the macro-economic environment and this led to a reduction in spending. We also encountered an increase in competitive activity. We are determined to further improve our price competitiveness in 2012, particularly in the US and Belgium.”
The retailer engaged in a major restructuring programme during 2011, closing 146 and converting 64 underperforming stores in the US and southeastern Europe, and the company revealed that it would continue with this strategy.
In 2012, Delhaize has an investment programme of €800-850m planned, including 200-230 store openings and around 200 store remodels.
