Food Lion Owner Posts Lower U.S. Sales, Profitability on Price Cuts
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Food Lion owner Ahold Delhaize said U.S. sales and profitability fell in the key fourth quarter as the company sought to rein in prices to lure shoppers back to stores. Quarterly sales volumes for the Dutch group, which also owns the Stop & Shop and Giant grocery chains, fell 0.6% in the U.S. excluding currency movements to 13.87 billion euros ($14.37 billion). Ahold Delhaize’s U.S. underlying operating margin fell to 4.2% from 5.2% a year before.
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