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Delhaize Group: Delhaize Group First Quarter 2014 Results

|Financial Summary |
|» Revenue growth of 2.8% at identical exchange rates |
|» Comparable store sales growth of 4.6% in the U.S. and -0.8% in Belgium |
|» Group underlying operating profit of €161 million |
|» Group underlying operating margin of 3.1% (3.6% in the U.S. and 3.1% in |
|Belgium) |
| |
CEO Comments

Frans Muller, President and Chief Executive Officer of Delhaize Group,
commented: "Our first quarter shows a mixed performance, with very strong
revenues in the U.S. but disappointing results in Belgium. In the U.S., our
comparable store sales growth was primarily driven by the continued momentum
at Food Lion. Hannaford comparable store sales growth was also positive. As
expected, our price investments and commodity cost increases impacted our
margin. In Belgium, we experienced weak first quarter sales and
profitability, being the result of continuing vigorous competition, requiring
more promotions and price investments, as well as a further increase in SG&A
costs. At the same time customer satisfaction improved compared to last year.
While we continued to face challenges in Serbia, we achieved comparable store
sales growth and further market share gains in Greece and Romania."

"In light of our focus on our core markets announced in March, we have
recently signed agreements to divest our Bulgarian and Bosnian&Herzegovinian
operations. We are on track to implement our strategy of Easy,
Fresh&Affordable at 77 Food Lion stores later in the year. In Belgium, we are
working on further differentiating the customer experience in our stores. The
opening of two next generation stores in Belgium 10 days ago, bringing to
life our new strategy centered on 'buy well, eat well', is an important step
to improve our performance."

"We re-iterate that, for 2014, our capital expenditures will increase to
approximately €625 million at identical exchange rates and we plan to open
180 stores. We also intend to continue to generate a healthy level of free
cash flow."

Press release in pdf format
Presentation Q1 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Delhaize Group via Globenewswire


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