SALISBURY, NC – Food Lion, Inc. (Nasdaq: FDLNA, FDLNB) announced today unaudited
fourth quarter and fiscal 1998 sales of $3.2 billion and $10.2 billion, respectively. The
Company completed the fourth quarter and the year with healthy same store sales, which
increased 3.7 percent for the quarter and 2.6 percent for the year.
The Companys fourth quarter and fiscal 1998 sales reflect a 52-week year,
compared with 53 weeks of sales in 1997. Adjusting for the extra week in 1997, prior year
sales in the Southwest market (which closed in the fourth quarter of 1997), and changes in
the recording of sales tax related to the Companys loyalty card program, total sales
for the fourth quarter and fiscal 1998 increased 7.8 percent and 6.1 percent, respectively
over the prior year on an adjusted basis.
Sales for the fourth quarter and year are as follows:
| Period Ended |
January 2, 1999 |
January 3, 1998 |
| Fourth Quarter |
$ 3,181,814,414 (16 weeks) |
$ 3,226,013,886 (17 weeks) |
| Year to Date |
$10,219,469,400 (52 weeks) |
$10,194,384,698 (53 weeks) |
| Number of Stores at year end |
1,207 |
1,157 |
Food Lion added 79 new stores in 1998, including the relocation of 17 existing
supermarkets. The Company closed 12 stores during the year and remodeled or expanded 141
supermarkets. As a result of new stores and expansions, Food Lion increased square footage
by 7.7 percent.
The Company will announce fourth quarter and 1998 earnings on Thursday, February 11,
1999.
Food Lion is one of the nations largest supermarket chains, serving more than 10
million customers per week at supermarkets in 11 Southeast and Mid-Atlantic states.
Contact: Chris Ahearn (704) 633-8250, Ext. 2892