Belgium-based Delhaize has reported full-year growth for 2008, with net profit increasing by 13.9 per cent to hit €467.1m on the previous year.

Operating profit for the year dropped 3.5 per cent to €904.1m, but this was still ahead of market expectations of around €885m, Reuters said.

Revenue growth (at identical exchange rates) grew 5.6 per cent through the year, the group said, with comparable store sales growth of 2.5 per cent in the US and 2.2 per cent in Belgium.

'Delhaize Group again posted a solid performance in 2008,' said Pierre-Olivier Beckers, president and CEO of Delhaize. 'Our operating companies maintained their strong revenue momentum despite the difficult economic environment. Due to many sales building measures such as the increased offering of private brand products, improved price competitiveness and store remodelling, consumers have stayed loyal to our stores.'

For 2009. the group has forecast operating profit growth of between 0-3 per cent, and growth of between 3.5-6.5 per cent on a comparable basis, while planning cash generation through €100m in cost savings and €50m from working capital improvements.

'We are confident that in 2009 our strong store concepts, product assortments and price positioning will support our performance, and this is especially important in the challenging environment of 2009.' said Mr Beckers. 'Our competitive prices and innovative solutions should allow us to remain the brand of choice for the customer in the challenging economic times.'

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