Louis Delhaize reports loss of 929 million euros for FY2018 | Progresiv
As reported in Belgium-based newspaper L’Echo, Louis Delhaize has announced its FY2018 results, revealing a net loss of 929 million euros. The retailer said its operating income also declined from +204 million euros in 2017 to -833 million euros in 2018. Louis Delhaize’s revenues remain stable at 8.7 billion euros. 
The retailer attributes its loss to the impairment of goodwill at Cora France, restructuring costs at supermarkets Cora and Match in France and dispute settlement costs in Romania. Louis Delhaize commented, “Economic and financial uncertainties have continued to weigh on consumption, especially on the non-food sector”.
In Belgium, Louis Delhaize also saw a significant sales decrease in 2018. This, Louis Delhaize said, was due to “sluggish consumption” supported by a “competitive environment”.
Turnover at Match decreased from -13.1 million euros to -14.2 million euros while turnover at Cora increased slightly from -19.4 million euros to -17.8 million euros. CEO of Cora Belgium-Luxembourg, Olivier Haller, said there would be no restructuring of Cora hypermarkets as he expects the chain to recover by 2021.
In a bid to turnaround operations in France, Louis Delhaize has opened its first day by day corner in its Cora Ermont hypermarket, reports Olivier Dauvers. Day by day is a packaging free retailer committed to reducing waste. Most food products are sold in jars or boxes for self-service, encouraging shoppers to only purchase the quantity they need. The reallocation of selling space to day by day will provide Louis Delhaize with new opportunities for it to drive traffic to its stores. (retailanalysis.igd.com)
