Delhaize Group has released its financial report for the fourth quarter and full-year of 2009, with 12-month operating profit growth recorded at 4.6 per cent, ahead of the retailer's guidance range of 1 per cent-4 per cent.
Revenue growth for the year was marked at 2.6 per cent, excluding the 53rd week in 2008, with comparable stores sales evolution of 2.7 per cent in Belgium and -0.4 per cent in the US.
For the fourth quarter of the year, Delhaize saw revenue growth of 1.5 per cent, with comparable store sales evolution of 2.6 per cent in Belgium and -2.8 per cent in the US.
'In 2009, Delhaize Group has again shown resilience in a very challenging economic market,' said group president and CEO Pierre-Olivier Beckers. 'We have improved our volume trends, exceeded our upgraded earnings guidance and delivered on our goal to generate €100m in cost improvements and €50m in working capital improvements.'
Mr Beckers noted that the group's US operations has experienced a marked improvement in volume trends as a result of targeted price investments and adapted assortments, while Delhaize Belgium had enjoyed a strong year backed by market share growth, good 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 growth, increased efficiencies and stronger intra-group integration,' he continued. 'The new organisational structure in the US, announced on 14 January 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 fro many other projects, including achieving €300m of annual operating cost savings by 2012,' Mr Beckers added. 'We are ready for the challenges of 2010.'
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