Delhaize Group, a firm that owns thousands of grocery stores in the United States and worldwide, is slowly recovering its loss from the previous year with an 8.7 percent increase in its shares recently.
Despite the number of stores that it has in the United States, Delhaize Group is not really well known in the country. The firm owns Food Lion which are grocery stores located in the mid-Atlantic, Sweetbay in Florida and Hannaford in New England. All in all, the company operates around 1,600 stores in the United States. It also has around 800 stores located in Luxembourg and Belgium and around 200 stores located in Greece. The Delhaize Group also has grocery stores in Romania and Indonesia.
Just recently, the firm entered into an agreement to acquire Delta Maxi Group, a food retailer from Serbia. The amount agreed to is said to be $1.3 billion. This decision to buy another set of grocery stores is the company’s move to decrease the level of its dependence on the U.S. market. This is also another move for the company to further expand its operation globally.
In the previous year, the company earned around $800 million and its U.S. shares dropped by 3.9 percent. This year’s increase on its traded stocks is definitely good news for the company.
Thomson Reuters said that as the giant grocery chain is not well known on Wall Street and thus is not widely followed, it has received only one “buy” rating and one “hold” rating from those analysts who follow the giant grocery chain’s stocks.