Belgian food retailer Delhaize Group (DEG) reported that its Group share in net loss for the fourth-quarter of 2014 was 55 million euros, compared to net income of 104 million euros in the prior year. Net loss per share was 0.54 euros, compared to a profit of 1.02 euros last year.
Net profit from continuing operations was 28 million euros and 0.27 euros per share compared to earnings per share of 1.16 euros in the fourth quarter of 2013.
Underlying operating profit increased by 15.7% (10.4% at identical exchange rates) mainly as a result of the extra trading week in the U.S. Underlying operating margin was 3.9% of revenues compared to 3.7% in 2013. Excluding the 53rd week, underlying operating profit decreased by 2.1% at identical exchange rates and underlying operating margin was 3.6%.
In the fourth quarter of 2014, Delhaize Group's revenues reached 5.8 billion euros, an increase of 11.4% or 6.3% at identical exchange rates. Excluding the 53rd week in the U.S., group revenue growth was 6.4% or 1.3% at identical exchange rates. The 53rd week in the U.S. resulted in a positive revenue contribution of 259 million euros. Organic revenue growth was 1.3%.
In 2015, Delhaize Group will focus on two key strategic initiatives. In the U.S., Delhaize America will continue to further fine-tune and roll-out the Easy, Fresh & Affordable strategy in approximately 160 additional Food Lion stores. In Belgium, it will implement the Transformation Plan. In addition, the company will seek to accelerate growth at Hannaford and in its Southeastern European markets.
For 2015, the company expects Group cash capital expenditures of approximately 700 million euros at identical exchange rates. It will continue to be disciplined with respect to operating costs, capital allocation and working capital.
The Board of Directors will propose to the Ordinary Shareholders Meeting of May 28, 2015, the payment of a gross dividend of 1.60 euros per share. After deduction of the 25% Belgian withholding tax, the proposed net dividend is 1.20 euros per share. The net dividend of 1.20 euros per share will be payable to owners of ordinary shares against coupon no. 53. Delhaize Group ordinary shares will start trading ex-coupon on June 2, 2015. The record date is June 3, 2015 (closing of the market) and the payment date is June 4, 2015.
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