Belgian retailer Delhaize has announced its results for the second quarter of the year, with mixed fortunes in terms of revenue and profit.
For the quarter, revenues grew 4.2 per cent , with organic growth of 1.3 per cent, while comparable store sales fell 0.6 per cent in the US but increased 1.1 per cent in Belgium.
Net profit for the quarter dropped 29 per cent on a year-on-year basis, down to €87m from €108.5m in 2011.
'We are pleased to report that during the second quarter a number of our initiatives produced good results and we are confident that they will support our revenue growth in the second part of the year,' said Pierre-Olivier Beckers, president and CEO of Delhaize Group.
'Despite these positive trends and as expected, our growth initiatives continued to impact our underlying operating profit,' he added. 'We confirm that we will reach our full year underlying operating profit guidance. However, we expect to achieve the bottom-end of the range as we remain committed to improving our customers experience in terms of both price and service.
'Given the decline in our operating profit and the challenging environment, we recognise the need to redouble our efforts and sharpen our focus. As previously described, we expect to exceed our current cost savings program and deliver €550m by year-end, and we are working on a multi-year plan focused on achieving greater efficiency.'
