Delhaize: Q4 2015 trading statement (first take): so far so good

1/ Delhaize’s Q4 sales came in at EUR6.320bn (vs EUR6.287bn expected by the consensus), up 14.2% excluding the 53rd week (+4.9% at constant currency). 2/ Comparable sales grew 2.3% in the US (vs +2.4% e), 5.1% in Belgium (vs +3.0% e) and 7.8% in south-eastern Europe (vs +3.3% e). 3/ Based on preliminary figures, Delhaize expects 2015 Group underlying operating profit to be approximately EUR870 million (vs EUR861m expected by the consensus). 3/ In terms of outlook, management is confident that Delhaize can maintain its sales trends in all markets in 2016, driven by LFL sales growth and expansion mainly in south-eastern Europe. So far so good, we stick to our Buy Rating.

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