Delhaize To Invest In Its Operations In Serbia

Belgian retailer Delhaize has announced that it will invest in its operations in Serbia this year.…

Belgian retailer Delhaize has announced that it will invest in its operations in Serbia this year.

The news follows Delhaize releasing its fourth quarter and full-year results earlier this month when the retailer's president and CEO, Frans Muller, said Serbia's performance remained below expectations. The retailer's operations in Serbia were affected by negative volume growth.

Last year, Delhaize announced an investment of €45 million for its business in Serbia for 2013, after investing €30 million the previous year.

In its fourth quarter, the Delhaize Group revenues rose by 0.1% at actual and 3.0% at identical exchange rates, respectively. Organic revenues rose by 3.2 %.

In the US, the Belgium retailer revealed that revenues rose by 2.8% in local currency terms.

In its home market of Belgium, revenues rose by 2.5%, assisted by comparable store sales growth of 2.4% and new stores openings.

Delhaize said it had grown revenues by 4.5% in its South Eastern Europe subsidiary at identical exchange rates "as a result of the strong performance in Greece and expansion in Romania".