Delhaize Group Exceeds 2009 Guidance with Operating Profit Growth of 4.6%*
(Thomson Reuters ONE) -
Financial Highlights 2009 (at identical exchange rates)
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» Revenue growth of 2.6% (excluding the 53(rd) week in 2008)
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» Comparable store sales evolution of -0.4% in the U.S. and 2.7% in Belgium
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» Adjusted operating profit growth of 4.6%*, above our 1% - 4% guidance range
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» Objectives of EUR 100 million cost and EUR 50 million working capital
improvements achieved
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» Excellent full year free cash flow generation of EUR 511 million
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Financial Highlights Fourth Quarter 2009 (at identical exchange rates)
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» Revenue growth of 1.5% (excluding the 53(rd) week in 2008)
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» Comparable store sales evolution of -2.8% in the U.S. and 2.6% in Belgium,
with better volume trends compared to last year in a highly deflationary U.S.
environment
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» Solid underlying operating margin of 5.4%*
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Other Highlights
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» Proposal to increase net dividend by 8.1% to EUR 1.2 per share
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» Reached the 90% share ownership threshold in Alfa Beta
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» 2010 guidance: expected operating profit growth between 7% and 10%
» CEO Comments
Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group,
commented: "In 2009, Delhaize Group has again shown resilience in a very
challenging economic environment. We have improved our volume trends, exceeded
our upgraded earnings guidance and delivered on our goal to generate EUR 100
million in cost improvements and EUR 50 million in working capital
improvements."
"In the U.S., our operating companies experienced a marked improvement of the
volume trends as a result of targeted price investments and adapted assortments,
in part financed by better inventory management results and a more favorable
product mix. Delhaize Belgium had a very strong year, with solid market share
growth combined with great execution and better inventory control."
"From the beginning of 2010 we have started to execute our New Game Plan, which
is our strategic plan focused on accelerated growth, increased efficiencies and
stronger intra-Group integration. The new organizational structure in the U.S.,
announced on January 14, 2010, has been in place since early February. All of
our operating companies have started to fine-tune their pricing strategies to
achieve local value leadership, and we are gearing up for many other projects,
including achieving EUR 300 million of annual operating cost savings by 2012. We
are ready for the challenges of 2010."
* At identical exchange rates, including the 53rd week in 2008 and excluding the
4(th) quarter 2009 restructuring, store closing and impairment charge.
» Contacts
Guy Elewaut: + 32 2 412 29 48
Geert Verellen: + 32 2 412 83 62
Aurélie Bultynck: + 32 2 412 83 61
Amy Shue (U.S. investors): + 1 704 633 8250 (ext. 2529)
Barbera Hoppenbrouwers (media): + 32 2 412 86 69
cautionary note regarding forward looking statements
Statements that are included or incorporated by reference in this press release
and other written and oral statements made from time to time by Delhaize Group
and its representatives, other than statements of historical fact, which address
activities, events and developments that Delhaize Group expects or anticipates
will or may occur in the future, including, without limitation, statements about
strategic options, future strategies and the anticipated benefits of these
strategies, are "forward-looking statements" within the meaning of the U.S.
federal securities laws that are subject to risks and uncertainties. These
forward-looking statements generally can be identified as statements that
include phrases such as "guidance," "outlook," "projected," "believe," "target,"
"predict," "estimate," "forecast," "strategy," "may," "goal," "expect,"
"anticipate," "intend," "plan," "foresee," "likely," "will," "should" or other
similar words or phrases. Although such statements are based on current
information, actual outcomes and results may differ materially from those
projected depending upon a variety of factors, including, but not limited to,
changes in the general economy or the markets of Delhaize Group, in consumer
spending, in inflation or currency exchange rates or in legislation or
regulation; competitive factors; adverse determination with respect to claims;
inability to timely develop, remodel, integrate or convert stores; and supply or
quality control problems with vendors. Additional risks and uncertainties that
could cause actual results to differ materially from those stated or implied by
such forward-looking statements are described in Delhaize Group's most recent
Annual Report on Form 20-F and other filings made by Delhaize Group with the
U.S. Securities and Exchange Commission, which risk factors are incorporated
herein by reference. Delhaize Group disclaims any obligation to update
developments of these risk factors or to announce publicly any revision to any
of the forward-looking statements contained in this release, or to make
corrections to reflect future events or developments.
[HUG#1392737]
Press release in pdf format: http://hugin.info/133961/R/1392737/350189.pdf
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Datum: 11.03.2010 - 02:02 Uhr
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