Salisbury, NCThe Board of Directors of Food Lion, Inc. has declared as of
July 1, 1999, a quarterly cash dividend of $0.0420 per share on the outstanding Class A common shares and $0.0415 per share on the outstanding Class B common shares of the Corporation. The dividend will be payable on August 2, 1999 to shareholders of record as of July 19, 1999.
The dividend comes following the Company’s announcement of second quarter earnings, which increased by 14 percent over the same period last year, on second quarter sales of $2.5 billion. Food Lion reported same store sales increased 2.4 percent for the quarter.
With 1998 sales of $10.2 billion, Food Lion is one of the nation’s largest supermarket chains. The Company and its more than 92,000 employees serve more than 10 million customers a week at 1,247 supermarkets in 11 states.
Contact: Chris Ahearn (704) 633-8250, Ext. 2892