Delhaize Group First Quarter 2012 Results
(Thomson Reuters ONE) -
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Financial Summary (at identical exchange rates)
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» Revenue growth of 5.9% (2.3% organic growth)
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» Comparable store sales evolution of -0.6% in the U.S. and -0.9% in Belgium
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» Double digit revenue growth in Southeastern Europe and Asia even without the
positive impact of Delta Maxi acquisition
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» Group underlying operating margin of 3.5% (at actual exchange rates),
impacted by our continuing investment in our growth initiatives, in particular
price competitiveness and Bottom Dollar Food
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Other
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» Accelerating revenue momentum and volume growth in Food Lion Phase One
stores and in Bottom Dollar Food stores
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» As a result of our investment behind strategic initiatives in the current
environment, 2012 underlying operating profit is expected to decrease by 15%
to 20% at identical exchange rates compared to last year
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» Intensive focus on price competitiveness, cost savings and a target of EUR
500 million free cash flow generation for 2012
» CEO Comments
Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group,
commented: "In the first quarter, we continued to deliver on our New Game Plan
by investing in key revenue growth initiatives. These actions resulted in solid
revenue growth of 5.9%. Our commitment to price competitiveness, the accelerated
revenue momentum in our Food Lion Phase One stores, strong revenue growth at
Bottom Dollar Food, real growth in Serbia and the strength of our Alfa Beta
brand, give us confidence that our strategy is delivering the intended results."
"These actions and the current trading environment translated into lower
underlying operating profit in the first quarter of 2012. In order to fund our
long-term growth initiatives and to further invest in our prices in several of
our markets, particularly the U.S. and Belgium, we will increase our focus on
the generation of free cash flow through a more disciplined approach to capital
expenditures and improvements in working capital. In 2012, we have set as a
target the generation of EUR 500 million in free cash flow. We are also more
determined than ever to exceed our EUR 500 million gross annual cost savings
target by the end of this year. I am convinced that these decisions will
strengthen the long-term health of our business."
» Contacts
Chris Farrell: + 32 2 412 75 71
Aurélie Bultynck: + 32 2 412 83 61
Steven Vandenbroeke (media): +32 2 412 86 69
Amy Shue (U.S. investors): +1 704 633 82 50 (ext. 2529)
Press release in pdf format:
http://hugin.info/133961/R/1608240/510353.pdf
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Source: Delhaize Group via Thomson Reuters ONE
[HUG#1608240]
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Datum: 03.05.2012 - 02:01 Uhr
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