A significant Q3 loss of US$10.6m was yesterday (28 September) reported by grocery chain Delhaize America, a unit of Belgian retailer Delhaize “Le Lion”. Compared like-for-like with US$73m profit from last year, the company explains the dramatic drop as indicative of the costs of its Hannaford Bros takeover and the surge in interest expenses.
Sales increased during the period by 18% to US$3.1bn, but the figures included a six-week contribution from Hannaford sales. Earnings before the costs and adjustments amounted to US$36.3m.
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Delhaize America also announced its decision to close the 18 outlets in its Save ‘n’ Pack retail chain, and its intention to convert 5 stores to the Kash ‘n Karry banner.
