Food Lion achieved excellent results during the first quarter of 1998. Net profit amounted to USD 55.4 million, i.e. 2.4% of the sales, an increase of more than 20% in comparison with the first quarter of 1997. Sales stood at USD 2.3 billions. Same stores sales grew by 1.7% compared with the same period last year. Excluding the sales of the supermarkets closed in 1997 in the South West, total sales grew by 5%.
This positive evolution in sales took place not only at Food Lion but also at Kash n' Karry.
During the first quarter of 1998, Food Lion opened 13 new supermarkets, bringing to 1,164 the total number of supermarkets, both trade names included.
Moreover, Food Lion has, in response to comments from the S.E.C. staff, restated, for the presentation of its 1997 results, charges primarily linked to the acquisition of Kash n' Karry and to the divestiture in the South West of the United States (Texas). As far as the consolidated results of the Delhaize 'Le Lion' Group are concerned, this restatement and a reclassifying between financial results and operating results lead simultaneously to a change in the current net results at BEF 5,044 million against BEF 5,189 million as announced and in the consolidated net profits at BEF 4,932 million against BEF 4,901 million as announced.
For further information, please contact Mr. Raquez (tel: 02/412.20.14).
P.S. : Appendix : The 1997 consolidated results of the Delhaize 'Le Lion' Group. These results bring out the figures as announced in the press release of March 27th and those that will be presented at the General Meeting of May 28th of this year.
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CONSOLIDATED RESULTS OF THE DELHAIZE 'THE LION' GROUP (in millions of BEF)
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|
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1997
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1997
announced on
27.03.98
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1996
|
|
Sales (tax excluding)
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508 592
|
508 592
|
412 346
|
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Cash flow from operations (EBITDA)
|
32 480
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33 820
|
24 287
|
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Depreciation
|
- 11 872
|
- 11 872
|
- 7 600
|
|
|
Operating income
|
20 608
|
21 948
|
16 687
|
|
Financial results
|
- 5 356
|
- 6 175
|
- 3 299
|
|
Exceptional results
|
- 1 645
(2)
|
- 2 278
|
- 31
|
|
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Consolidated income before tax
|
13 607
|
13 495
|
13 357
|
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Taxes
|
- 5 006
|
- 4 962
|
- 5 185
|
|
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Net current profit of consolidated companies (1)
|
9 725
|
10 043
|
8 284
|
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Net profit of consolidated companies
|
8 601
|
8 533
|
8 172
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Results of companies at equity
|
- 3
|
- 3
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- 1
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Minority interests in the result of integrated companies
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- 3 666
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- 3 629
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- 3 817
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Consolidated net current profit (Group share) (1)
|
5 044
|
5 189
|
4 467
|
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Consolidated net profit (Group share)
|
4 932
|
4 901
|
4 354
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(1)
Net profit excluding exceptional results and depreciation on purchase premiums.
(2)
After 'corporate taxes' and 'minority interests' on them, the exceptional results amount to BEF + 125.5 million
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