SALISBURY, NC – Food Lion, Inc. (NASDAQ: FDLNA, FDLNB) announced today unaudited 1997
sales of $10.2 billion, an increase of 13.2% over 1996 sales of $9.0 billion. Sales for
the fourth quarter and year are as follows:
| Period Ended |
January
3, 1998 |
December 28, 1997 |
% Increase |
| Fourth Quarter |
$3,226,013,886 |
$2,772,674,900 |
16.4 |
| (17 weeks) |
|
|
|
| |
|
|
|
| Year to Date |
$10,194,384,698 |
$9,005,931,716 |
13.2 |
| (53 weeks) |
|
|
|
| |
|
|
|
| Number of Stores |
1,157 |
1,112 |
|
| at year end |
|
|
|
Fourth quarter and 1997 figures reflect an additional week of sales as compared to the
previous fiscal year. Sales for the quarter and the year, exclusive of the extra week,
were up 9.3 % and 11.0 % respectively. Same store sales (excluding stores in the
Companys Southwest markets, which closed during the fourth quarter of 1997) were up
0.8% for the fourth quarter and 0.6% for the year over 1996 figures.
During 1997, Food Lion added 100 stores through the acquisition of Kash n Karry
supermarkets in West Central Florida, and opened an additional 64 new stores, including
the relocation of 25 existing stores. The Company closed 94 stores during the year, which
included 61 stores it closed as part of the divestiture of its Southwest markets. Food
Lion remodeled or expanded 99 stores in 1997.
Food Lion will announce fourth quarter and 1997 earnings on Thursday, February 12,
1998.
Contact: Chris Ahearn (704) 633-8250, Ext. 2892