Delhaize confirms Q2 revenue growth

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Carl Collen

BY CARL COLLEN

Delhaize confirms Q2 revenue growth

Comparable store sales growth up at both Belgian and US operations in the second quarter

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In Belgium, Delhaize Group has reported revenue growth of 2.6 per cent at identical exchange rates in its second quarter results, with comparable store growth of 0.7 per cent domestically and 1.9 per cent in the US.

The retailer has revealed particularly strong revenue growth at its Greek operation, up 14.5 per cent for the period, while revenue jumped 32.1 per cent in Indonesia and Romania.

"In the second quarter of 2008 our revenues grew at a rate that is reflective of the current economic environment with the consumers' purchasing power under pressure," said group CEO Pierre-Olivier Beckers in a statement. "In this context, we have been increasingly focusing on our price position.

For the overall first-half of 2008, revenue increased by 3.7 per cent at identical exchange rates, with organic revenue growth of 4.1 per cent.

"We are fortunate enough to have our most powerful label offering ever, giving our customers high-quality alternatives at great prices," Mr Beckers added.

Additionally, the group has announced that Jack Stahl will replace William Roper on the board of directors as an independent director.

Mr Stahl occupied the role of CEO at Revlon prior to his retirement in 2006, and currently serves on the boards of Schering-Plough and Dr. Pepper-Snapple Group.

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