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Weak dollar results in Delhaize revenue drop
Belgium
Monday 21 January 2008
Delhaize has released its fourth quarter and full year results, with revenue falling due to the weak US dollar.
Belgium-based retailer Delhaize has reported a drop in overall group revenue for 2007 in its Q4/full year report, with the weakening of the US dollar resulting in a 1.4 per cent fall to €19bn. At identical exchange rates, total group revenue grew by 4.9 per cent.
For the same year-long period, comparable store sales growth increased by 3.8 per cent in the US and 1.6 per cent in Belgium, with Alfa-Beta in Greece enjoying significant revenue growth of 13.9 per cent.
The fourth quarter of 2007 saw Delhaize record revenue of €4.7bn, a decrease of 3.4 per cent compared to the same period of 2006, although revenue rose by 5 per cent at identical exchange rates.
Pierre-Olivier Beckers, president and CEO of Delhaize, said: "The full year and fourth quarter 2007 revenues that we announced today make me proud of the work accomplished by our associates across the group. At the beginning of 2007, we set ambitious objectives and we have delivered at the higher end of these expectations, particularly thanks to outstanding performances in the US and Greece."
The group also announced that it plans to open 50-55 new supermarkets in the US, 34 stores in Luxembourg, four in Germany, and complete the purchase of 33 Plus Hellas stores in Greece during 2008.
"We are preparing for another strong year in 2008. While the economy is far more uncertain than last year, it is also true that strong companies will be able to seize opportunities in such and environment - we are confident that Delhaize is well equipped in that regard," Mr Beckers added.
Belgium-based retailer Delhaize has reported a drop in overall group revenue for 2007 in its Q4/full year report, with the weakening of the US dollar resulting in a 1.4 per cent fall to €19bn. At identical exchange rates, total group revenue grew by 4.9 per cent.
For the same year-long period, comparable store sales growth increased by 3.8 per cent in the US and 1.6 per cent in Belgium, with Alfa-Beta in Greece enjoying significant revenue growth of 13.9 per cent.
The fourth quarter of 2007 saw Delhaize record revenue of €4.7bn, a decrease of 3.4 per cent compared to the same period of 2006, although revenue rose by 5 per cent at identical exchange rates.
Pierre-Olivier Beckers, president and CEO of Delhaize, said: "The full year and fourth quarter 2007 revenues that we announced today make me proud of the work accomplished by our associates across the group. At the beginning of 2007, we set ambitious objectives and we have delivered at the higher end of these expectations, particularly thanks to outstanding performances in the US and Greece."
The group also announced that it plans to open 50-55 new supermarkets in the US, 34 stores in Luxembourg, four in Germany, and complete the purchase of 33 Plus Hellas stores in Greece during 2008.
"We are preparing for another strong year in 2008. While the economy is far more uncertain than last year, it is also true that strong companies will be able to seize opportunities in such and environment - we are confident that Delhaize is well equipped in that regard," Mr Beckers added.
