Delhaize Group Posts Q3 Profit

Delhaize Group

swung to a profit in the third quarter. Delhaize posted a quarterly net profit of EUR109 million ($136.08 million), versus a year-ago net loss of EUR81 million. Operating profit, before one-time items, surged to 192 million euros ($240 million), compared to 188 million euros. However, analysts expected a profit of 190 million euros. Its revenue gained 3.1% to EUR5.46 billion from EUR5.30 billion. Comparable store sales rose 5.3% in the U.S. and declined 5.0% in Belgium. Net debt shrank to 1.3 billion euros. Frans Muller, President and Chief Executive Officer of Delhaize Group, commented: “While our overall performance in the third quarter met our expectations, results were decidedly mixed among our keyregions.” Delhaize shares rose 0.95% to close at $17.04 yesterday.