BRUSSELS, Belgium -- Delhaize Group here said its 2003 sales were negatively impacted by the weakened U.S. dollar, partially offset by the acquisition of the Harvey's banner and improving sales trends at other U.S. chains. The company also divested its Shop N Save chain in Singapore in 2003.
he fourth quarter, to $4.2 billion, and 3.5% for the year, to $15.6 billion. Comparable-store sales were up 2.9% in the fourth quarter and 0.6% for the year. The company said all of its U.S. banners had positive comps in the second half of the year.
"The fourth quarter in my opinion was better than expected, especially with the comp-store sales growth in the U.S.," said Patrick Roquas, analyst, Kempen & Co., Amsterdam. He added, however, that run-up of the stock price in 2003 has left Delhaize shares fully valued, in his opinion.
Delhaize said sales at its Hannaford Bros. division, based in Scarborough, Maine, were strong throughout the year, while sales momentum grew throughout the year at its Salisbury, N.C.-based Food Lion and Tampa, Fla.-based Kash n' Karry banners. As previously reported, the company this month unveiled plans to restructure the Kash n' Karry division, which will involve shuttered 34 sites and could include changing the name of the remaining stores, a company spokeswoman told SN.
