BRUSSELS — Comparable-store sales and profits improved during the fiscal first quarter for Delhaize Group, the retailer said in preliminary financial results released Monday.
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Delhaize cited favorable volume trends sales at repositioned Food Lion stores as well as improved performance at its Hannaford and Bottom Dollar stores.
Comparable-store sales in the U.S. improved by 1.9% in the quarter, while underlying profit margin improved to 4.2% from 3.7% in the same period last year. Delhaize said the profit improvement was driven by sales leverage, favorable timing the Easter holiday, and the closing of unprofitable stores — 126 stores a year ago and another 54 this year. Delhaize said the results were preliminary and based on unaudited figures. The retailer is scheduled to post detailed financial details May 8.
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Delhaize also said Monday that it was postponing its Capital Markets Day presentation from May 8 to an unspecified future date. “This will allow the company to provide a more comprehensive update on its business and long-term strategy.”
Including its operations in Europe, Delhaize said underlying profit margins in quarter improved by 13.7% compared with the same period last year. Its stock was up by more than 7% on the European exchange Monday.
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