Delhaize Group has unveiled its 2012 financial results, with revenue climbing and underlying profit falling when compared with the previous 12 months.
The Belgium-based retailer said that underlying profit dropped by 17.5 per cent compared with the full-year of 2011, despite revenue growth of 2.9 per cent and organic growth of 2.1 per cent.
'As indicated in January, our financial results in 2012 were within guidance,' said Pierre-Olivier Beckers, president and CEO of Delhaize Group. 'We are particularly pleased by our strong free cash flow generation and we believe that we will generate an average of approximately €500m free cash flow per annum over 2013-2015.
'In 2013, we will remain focused on accelerating the progress at Food Lion, revitalising Delhaize Belgium and driving growth in Southeastern Europe,' he continued. 'We aim to remain relevant to our customers, continuing our sustainable price policies and accelerating revenue growth.
'We will fund this through a combination of disciplined capital allocation and cost control,' Beckers added. 'The decision to decrease the dividend this year is a clear example of Delhaize Group's commitment to maintaining its financial strength and achieving revenue growth.'
