Belgium: Delhaize 1st Q 2012 results
"These actions and the current trading environment translated into lower underlying operating profit in the first quarter of 2012. In order to fund our long-term growth initiatives and to further invest in our prices in several of our markets, particularly the U.S. and Belgium, we will increase our focus on the generation of free cash flow through a more disciplined approach to capital expenditures and improvements in working capital. In 2012, we have set as a target the generation of EUR 500 million in free cash flow. We are also more determined than ever to exceed our EUR 500 million gross annual cost savings target by the end of this year. I am convinced that these decisions will strengthen the long-term health of our business."
To read the full article click here.
Source: www.reuters.com
