Higher Revenues Boost Delhaize's Earnings

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On March 12, 2009, Delhaize Group(DEG Quote) recorded 30.6% growth in its Q4 FY08 earnings on higher revenue. Earnings increased to EUR 149.00 million or EUR 1.46 per share from EUR 114.10 million or EUR 1.12 per share a year ago. Net income from continuing operations surged 34.8% to EUR 163.40 million or EUR 1.55 per share.

Q4 FY08 revenue grew 15.8% to EUR 5.42 billion from EUR 4.68 billion a year ago, driven by the appreciation of the U.S. dollar against the euro. An additional week in the quarter also contributed to the increase. Excluding the impact of the extra week and exchange rate movements, revenue advanced 4.4% year-over-year. Additionally, organic revenue growth was 3.9%, reflecting comparable store sales growth of 2.9% in the U.S. and 2.7% growth in Belgium. Segment-wise, sales in the U.S. and Belgium grew 21.1% and 1.7% to EUR 3.82 billion and EUR 1.16 billion, respectively. Sales in Greece and the rest of the world jumped 12.7% and 25.4% to EUR 378.40 million and EUR 56.80 million, respectively. ...