BRUSSELS, Belgium, Jan. 23, 2014 (GLOBE NEWSWIRE) --
Fourth Quarter 2013 Revenues
|» Group revenue growth of 3.0% at identical exchange rates; organic revenue growth of 3.2%|
|» Solid 2.8% comparable store sales growth at Delhaize America driven by a continued strong performance at Food Lion despite retail deflation|
|» Comparable store sales growth of 2.4% at Delhaize Belgium and -0.6% in Southeastern Europe|
|Full Year 2013 Results|
|» Group revenue growth of 2.6% at identical exchange rates; organic revenue growth of 3.1%|
|» Preliminary unaudited underlying operating profit of approximately €770 million at identical exchange rates, in line with guidance of at least €755 million|
|» Strong free cash flow of approximately €670 million at actual exchange rates|
» CEO Comments
Frans Muller, President and Chief Executive Officer of Delhaize Group said: "Our fourth quarter 2013 sales were strong both in the U.S. and in Belgium. In the U.S., where volume growth continued to be positive, we were especially pleased with Food Lion's momentum. The phase repositioning, started almost 3 years ago, is meeting our expectations and we look forward to further develop Food Lion's customer proposition this year. Despite the ongoing competitive trading conditions, our operations in Belgium delivered solid year-end sales. In the face of a challenging economy in Southeastern Europe our businesses in Greece and Romania posted good sales growth while Serbia's performance remained below expectations."
"At approximately €770 million at identical exchange rates, our preliminary unaudited underlying operating profit for 2013 is consistent with the guidance provided during the year. As a result of our solid EBITDA, capital allocation discipline and further focus on working capital improvements, we generated a free cash flow of approximately €670 million in 2013. This will provide us with further means to support our core businesses, expand our store network in select markets and strengthen the balance sheet."
"In 2014, we will maintain our efforts to grow revenue by further improving our customer proposition. Additionally, we will seek to further reduce complexity and costs, remain disciplined with respect to capital allocation and ultimately continue to deliver healthy free cash flow."
Press release in pdf http://hugin.info/133961/R/1756477/593197.pdf
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