First Half of 1996 : Increase of Sales (+ 10.9 %) and Consolidated Results (+ 21.8 %)

The DELHAIZE 'LE LION' GROUP achieved, at the end of the first half of 1996, consolidated sales of BEF 191.4 billion, an increase of 10.9% compared to the first half of 1995. The consolidated net profit (share of the Group) amounted to BEF 2 billion, an increase of 21.8%.

(not audited)

1) V.A.T. included. (2) + 8 % at comparable exchange rates. (3) + 18.6 % at comparable exchange rates.

In Belgium, at the end of June 1996, DELHAIZE 'LE LION'S.A. achieved sales, V.A.T. included, of BEF 52.7 billion, an increase of 4.1% compared to the same period last year. The operating cash flow increased by 15.7% compared to the first half of 1995. During the first half of 1996, 16 sales outlets were added to the Belgian retail network totalling 110 supermarkets, 52 Dial, 86 Di (+6), 196 affiliated stores (+3) and 22 Tom &Co (+7). During the second half, 1 supermarket, 10 affiliated stores, 7 Di and 3 Tom & Co will strengthen the network.

For the first half of 1996, FOOD LION, Inc, achieved sales of USD 4.1 billion (BEF 126 billion), an increase of 9.2 %. Same stores sales increased by 5.62%. The net profit increased by 17.1 % to USD 89.4 million (BEF 2.7 billion), representing 2.18 % of sales. 1,086 supermarkets, compared to 1,046, were in operation at the end of the first half. 11 Food Fair supermarkets were taken over, 7 new supermarkets were opened and 41 existing stores modernized during the first half. The opening of 43 new supermarkets and the renovation of 109 supermarkets are planned during the second half of 1996.

SUPER DISCOUNT MARKETS, Inc, achieved sales of USD 128 million (BEF 3.9 billion), a decrease of 7.1% resulting from a still very hard competition in the Atlanta area. Net profit improved during the first half. 13 Cub Foods stores are in operation in the Atlanta area.

P.G. GROUP, Boulogne-sur-Mer, (France) achieved sales (V.A.T. included) of FRF 1 billion (BEF 6 billion), an increase of 7.8 %. Net profit amounts to FRF 13.7 million (BEF 82.5 million), an increase of 14.9 %. 34 supermarkets were in operation at the end of the first half, against 32 at the end of the first half of 1995. 2 supermarkets are planned for opening during the second half of 1996. The new chain of affiliated stores 'P.G. Partenaires' included 4 affiliated stores at the end of June 1996.

ALFA-BETA VASSILOPOULOS, Athens (Greece) achieved sales (V.A.T. included) of GRD 46.8 billion (BEF 5.9 billion), an increase of 21.3%. The profit before tax realised during the first half of 1996 amounted to GRD 992 million (BEF 126 million), an increase of 27 %. 22 supermarkets, compared to 19, were operating at the end of the first half. 3 supermarkets and a distribution centre are scheduled for opening during the second half of 1996.

DELVITA, Prague (Czech Republic) achieved sales (V.A.T. included) of CZK 1,642 million (BEF 1.8 billion), an increase of 58.4 %. The operating cash flow continues to grow. 23 supermarkets, compared to 13, were in operation at the end of the first half. 7 supermarkets and a distribution centre are planned for opening during the second half of 1996.

According to the forecast, more than 100 new stores will be opened in 1996, allowing the DELHAIZE 'LE LION' GROUP to continue its growth in Europe as well as in the United States. Unless unexpected events or unfavourable fluctuations in the currency rates, a significant increase of the consolidated results for the entire 1996 financial year compared to 1995 is foreseen. However, the growth rate could be not as strong as the one achieved at the end of the first half of 1996, taking into account the good results of the second half of 1995.