Delhaize Group Q4 sales beat estimates

An extra week of sales and accelerating food inflation helpedDelhaize Group, the owner of Food Lion stores, post profits that beat analyst estimates.

The company reported that fourth quarter U.S. revenues were $5.23 billion, a 12% increase from $4.67 billion the same period a year earlier.Same-store sales rose 3.6% in the U.S., but fell 6.9% in Belgium and 2.2% in Southeastern Europe.

“Our fourth quarter revenues at Delhaize America were solid, partly helped by inflation and both Food Lion and Hannaford reported positive real sales growth,” said Frans Muller, president and CEO, Delhaize Group. “In Belgium, our revenues and results were both negatively impacted by disruptions in our stores and in our distribution network.”

Meanwhile, revenues in Belgium, where workers have been striking over a corporate restructuring that may eliminate as many as 2,500 jobs, dropped 6% to $1.41 billion from $1.5 billion. Southeastern Europe revenues rose 3% to $932 million, from $906.4 million.

Fourth quarter total revenues were $6.49 billion, up 11% from $5.82 billion.

For full fiscal year 2014, Delhaize Group revenues were $23.98 billion, a 4% increase from the prior fiscal year. Revenues rose 6.6% in the U.S., with same-store sales of 4.4%, which drove the overall increase.