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DELHAIZE: Feedback analyst field trip – day1

DELHAIZE: Feedback analyst field trip – day1

2.12.2011 10:02

The New Game Plan at work – Mr Beckers, CEO Delhaize
- Delhaize’s sales growth reached 2.6% CAGR between 2007 and 2010 excluding currency and calendar impacts. Its best-in-class peers including Walmart, Tesco (409,02 GBp, 0,69%), Colruyt and Ahold (9,65 EUR, 1,20%) realized 6.1% CAGR during the same period. It is Delhaize’s goal to achieve 5-7% growth annually within three years. This goal includes inflation estimates per country.
- This sales growth goal should be achievable through the opening of about 450 storesin high growth new markets (Southeastern Europe, Asia) and new formats (Bottom Dollar in the US and Red Market in Europe) in 2012-2014. In addition to these 450 stores, the group will continue to expand the other banners in the US and Belgium.
- Capex will be around 4% of sales during the next three years.
- Delhaize’s growth profile is changing as the contribution of Southeastern Europe and Asia to group sales is set to grow rapidly.

Efficiency: fuel for growth – Mr Descheemaker, CFO
- Annual gross cost savings are expected to exceed the € 500m target by end 2012. More than half of the cost savings were re-invested in price decreases. There are cost saving opportunities beyond 2012. Delhaize will not only accelerate sales growth but also operating profit growth.
- The tax rate of the group has been declining. The acquisition of Delta Maxi should lower the average tax rate further.
- Delhaize Europe is following Delhaize America’s example: IT, procurement and support services (finance, HR, legal) will be harmonized.

Southern Europe: engine for growth – Mr Macheras, CEO SE Europe
- Delta Maxi’s markets are still fragmented. In Serbia the top 3 food retailers have a joint market share of merely 29% and super & hypermarkets represent only 23% of food sales.
- Aiming at 4% EBIT margin for Delta Maxi within 3 years through improved inventory shrink, procurement synergies and supply chain initiatives. Sales should reach € 1.3bn in 2012.

Consumer driven supply chain in the US – Mr Doiron
- There are still significant opportunities left to cut costs. For example, Delhaize America spends $ 1bn a year on 3rd party services (direct store delivery, contract labor/services).
- Computer assisted ordering has been introduced at 1,500 stores. This lowered inventory levels, improved forecasting and lowered out-of-stocks.

Repositioning Food Lion – Ms Green Burns – CEO Food Lion
- Capex needed to rebrand a Food Lion store costs $ 150,000 on average.
- Volume evolution at the re-launched Food Lion stores exceeded the pace of comparable stores by 8% in July, 9% in August and 11% in September.

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