-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BPVfNg2h8JDCFuxoS6jEG1KhloLtrxrXlm2RJuYCHzhJXaVK/y61SOpsUEetESav vfPtaAujhcw9akwizEBlVA== 0000045379-98-000010.txt : 19980511 0000045379-98-000010.hdr.sgml : 19980511 ACCESSION NUMBER: 0000045379-98-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980404 FILED AS OF DATE: 19980508 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANNAFORD BROTHERS CO CENTRAL INDEX KEY: 0000045379 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 010085930 STATE OF INCORPORATION: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07603 FILM NUMBER: 98613350 BUSINESS ADDRESS: STREET 1: 145 PLEASANT HILL RD CITY: SCARBOROUGH STATE: ME ZIP: 04074 BUSINESS PHONE: 2078832911 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 4, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-7603 HANNAFORD BROS. CO. (Exact name of Registrant as specified in its charter) MAINE 01-0085930 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 145 PLEASANT HILL ROAD, SCARBOROUGH, MAINE 04074 (Address of principal executive offices; Zip Code) Registrant's telephone number, including area code: (207) 883-2911 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . As of May 1, 1998, there were 42,303,089 outstanding shares of Common Stock, $.75 par value, the only authorized class of common stock of the Registrant. TABLE OF CONTENTS PART I FINANCIAL INFORMATION PAGE NO. Item 1. Financial Statements: Consolidated Balance Sheets, April 4, 1998 and January 3, 1998 3-4 Consolidated Statements of Earnings, Three Months Ended April 4, 1998 and March 29, 1997 5 Consolidated Statements of Cash Flows, Three Months Ended April 4, 1998 and March 29, 1997 6-7 Notes and Schedules to Consolidated Financial Statements 8-11 Item 2. Management's Discussion and Analysis of First Quarter 1998 Results 12-18 PART II Item 5. Other Information and Signatures 19 Item 6. Exhibits and Reports on Form 8-K 19 HANNAFORD BROS. CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS (In thousands) (UNAUDITED) APRIL 4, JANUARY 3, 1998 1998 Current assets: Cash and cash items $ 43,309 $ 57,663 Accounts receivable, net 13,497 14,918 Inventories 184,070 188,767 Prepaid expenses 7,783 7,801 Deferred income taxes 4,777 6,912 Total current assets 253,436 276,061 Property, plant and equipment, net 790,627 777,909 Leased property under capital leases, net 56,902 58,516 Other assets: Goodwill, net 66,581 67,552 Deferred charges, net 29,202 28,724 Computer software costs, net 17,435 16,551 Miscellaneous assets 1,815 1,877 Total other assets 115,033 114,704 $1,215,998 $1,227,190 See accompanying notes to consolidated financial statements. HANNAFORD BROS. CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS LIABILITIES AND SHAREHOLDERS' EQUITY (In thousands except share amounts) (UNAUDITED) APRIL 4, JANUARY 3, 1998 1998 Current liabilities: Current maturities of long-term debt $ 18,276 $ 18,155 Obligations under capital leases 1,852 1,873 Accounts payable 172,606 182,252 Accrued payroll 21,823 25,526 Other accrued expenses 21,887 24,553 Income taxes 9,387 2,829 Total current liabilities 245,831 255,188 Deferred income tax liabilities 17,650 18,265 Other liabilities 40,614 41,171 Long-term debt 227,458 235,850 Obligations under capital leases 74,258 75,687 Shareholders' equity: Class A Serial Preferred stock, no par, authorized 2,000,000 shares - - Class B Serial Preferred stock, par value $.01 per share, authorized 28,000,000 shares - - Common stock, par value $.75 per share: Authorized 110,000,000 shares; April 4, 1998: Issued, 42,338,316 shares, outstanding 42,290,994 shares. January 3, 1998: Issued 42,338,316 shares, outstanding 42,279,483 shares. 31,754 31,754 Additional paid-in capital 112,498 115,130 Preferred stock purchase rights 423 423 Retained earnings 467,534 456,063 612,209 603,370 Less common stock in treasury (April 4, 1998: 47,322 shares at cost. January 3, 1998: 58,833 shares at cost) 2,022 2,341 Total shareholders' equity 610,187 601,029 $1,215,998 $1,227,190 See accompanying notes to consolidated financial statements. HANNAFORD BROS. CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (In thousands except per share data) (UNAUDITED) THREE MONTHS ENDED APRIL 4, MARCH 29, 1998 1997 Sales and other revenues $788,296 $759,923 Cost of sales 589,979 574,273 Gross margin 198,317 185,650 Selling, general and administrative expenses 162,995 153,874 Operating profit 35,322 31,776 Interest expense, net 6,534 6,474 Earnings before income taxes 28,788 25,302 Income taxes 10,973 9,712 Net earnings $ 17,815 $ 15,590 Per share of common stock: Basic earnings per share $ .42 $ .37 Diluted earnings per share $ .42 $ .37 Cash dividends $ .150 $ .135 Weighted average number of common shares outstanding Basic 42,281 42,271 Diluted 42,864 42,685 See accompanying notes to consolidated financial statements. HANNAFORD BROS. CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (UNAUDITED) THREE MONTHS ENDED APRIL 4, MARCH 29, 1998 1997 Cash flows from operating activities: Net income $ 17,815 $ 15,590 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,030 21,568 Decrease in inventories 4,697 16,587 Decrease in receivables and prepayments 1,456 2,588 Decrease in accounts payable and accrued expenses (16,573) (8,286) Increase in income taxes payable 6,559 6,787 Increase (decrease) in deferred taxes 1,520 (319) Other operating activities (397) (51) Net cash provided by operating activities 38,107 54,464 Cash flows from investing activities: Acquisition of property, plant and equipment (37,474) (43,434) Sale of property, plant and equipment, net 5,502 778 Increase in deferred charges (1,178) (861) Increase in computer software costs (1,946) (1,207) Net cash used in investing activities (35,096) (44,724) Cash flows from financing activities: Principal payments under capital lease obligations (437) (426) Proceeds from issuance of long-term debt - 20,000 Payments of long-term debt (8,271) (13,704) Issuance of common stock 5,248 3,539 Purchase of treasury stock (7,561) (5,052) Dividends paid (6,344) (5,712) Net cash used in financing activities (17,365) (1,355) Net increase (decrease) in cash and cash items (14,354) 8,385 Cash and cash items at beginning of period 57,663 42,505 Cash and cash items at end of period $ 43,309 $ 50,890 See accompanying notes to consolidated financial statements. HANNAFORD BROS. CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Supplemental disclosures of cash flow information (Dollars in thousands) (UNAUDITED) THREE MONTHS ENDED APRIL 4, MARCH 29, Cash paid during the first quarter for: 1998 1997 Interest (net of amount capitalized, $802 in 1998 and $657 in 1997) $5,789 $5,277 Income taxes $2,894 $3,087 Disclosure of accounting policy For the purposes of the Consolidated Statements of Cash Flows, the Company considers all highly liquid debt instruments with maturities of three months or less when purchased, to be cash items. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, the amounts shown reflect all adjustments necessary to present fairly the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature. The year-end consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. It is suggested that the financial statements be read in conjunction with the financial statements and notes thereto included in the Company's latest annual report. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 2. EARNINGS PER COMMON SHARE Basic earnings per share of common stock have been determined by dividing net earnings by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if existing stock options were exercised. Following is a reconciliation of the dual presentations of earnings per share for the periods presented. (In thousands except per share amounts) NET INCOME COMMON SHARES EARNINGS (NUMERATOR) (DENOMINATOR) PER SHARE FIRST QUARTER 1998 Basic earnings per share $17,815 42,281 $ 0.42 Dilutive potential shares 583 Diluted earnings per share $17,815 42,864 $ 0.42 FIRST QUARTER 1997 Basic earnings per share $15,590 42,271 $ 0.37 Dilutive potential shares 414 Diluted earnings per share $15,590 42,685 $ 0.37 HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 3. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: (In thousands) (Unaudited) APRIL 4, JANUARY 3, 1998 1998 Land and improvements $ 133,858 $ 129,752 Buildings 288,286 279,310 Furniture, fixtures & equipment 463,883 454,564 Leasehold interests & improvements 282,646 277,560 Construction in progress 28,628 29,124 1,197,301 1,170,310 Less accumulated depreciation and amortization 406,674 392,401 $ 790,627 $ 777,909 4. LEASED PROPERTY Leased property under capital leases consists of the following: (In thousands) (Unaudited) April 4, January 3, 1998 1998 Real property $82,941 $84,494 Less accumulated amortization 26,039 25,978 $56,902 $58,516 HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 5. LONG-TERM DEBT In April 1998, the Company received the proceeds of a $20 million senior uncollateralized debt financing. The term of the debt is 10 years with an average life of 7 years and an interest rate of 6.3%. 6. ACCOUNTING PRONOUNCEMENTS In June 1997, the Financial Accounting Standards Board issued STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 130 - REPORTING COMPREHENSIVE INCOME, which requires the separate reporting of all changes to shareholders' equity, and SFAS NO. 131 - DISCLOSURES ABOUT SEGMENTS OF AN ENTERPRISE AND RELATED INFORMATION, which revises existing guidelines about the level of financial disclosure of a Company's operations. Both Statements are effective for financial statements issued for fiscal years beginning after December 15, 1997. The Company has determined that the new standards will not necessitate any changes to existing financial reporting. HANNAFORD BROS. CO. AND SUBSIDIARIES Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FIRST QUARTER 1998 RESULTS RESULTS OF OPERATIONS SALES Sales and other revenues rose 3.7% in the first quarter of 1998, to $788 million, an increase of $28 million over the first quarter of 1997. Sales from supermarkets that were open in both periods presented ("identical store sales") increased $6 million or 0.9%. Additional supermarket sales of $20 million resulted from the net impact of new, expanded, relocated and closed stores. Other sales and revenues which include wholesale, trucking, home delivery, real estate and miscellaneous retail operations, increased $2 million. Comparable store sales, which included results from expanded and relocated stores, increased 1.8% in the first quarter of 1998. Sales and other revenues from the Easter holiday occurred in the second quarter this year and the first quarter last year. Adjusting for estimated Easter sales, identical store sales increased 2.6% and comparable store sales were up 3.6%. GROSS MARGIN Gross margins increased in the first quarter of 1998 to 25.2% of sales and other revenues in comparison to 24.4% in the first quarter of 1997. The 1998 increase is the result of improved selling margins in certain of the Company's marketing territories coupled with better operations in the Southeast. The Company continues to focus on maintaining a competitive pricing strategy. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FIRST QUARTER 1998 RESULTS SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses increased to 20.7% of sales and other revenues in the first quarter of 1998 as compared to 20.2% in the first quarter of 1997. Payroll and payroll related expenses, which exceeded 50% of selling, general and administrative expenses in both years, increased as a percentage of sales in the current quarter. The Company experienced rising payroll and benefit costs in certain of its marketing territories. INTEREST EXPENSE, NET Net interest expense expressed as a percentage of sales and other revenues was 0.8% in the first quarter of 1998 versus 0.9% in the first quarter of 1997. INCOME TAXES The effective income tax rate decreased in the first quarter of 1998 to 38.1% from 38.4% in the first quarter of 1997. This lower rate is the result of a reduction in the Company's overall state income tax rate. Assuming there are no federal or state income tax rate changes, the Company expects the effective tax rate for fiscal 1998 to be in the 37.8% to 38.2% range. NET EARNINGS AND EARNINGS PER COMMON SHARE Net earnings increased 14.3% in the first quarter of 1998 to $18 million or 2.3% of sales and other revenues, an increase of approximately $2 million from 1997 first quarter earnings of $16 million or 2.1% of sales and other revenues. This increase is the result of increased sales, gross margin and the disposition of certain properties, partially offset by an increase in selling, general and administrative expenses. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FIRST QUARTER 1998 RESULTS Basic earnings per common share in the first quarter of 1998 were $0.42 as compared to $0.37 in the first quarter of 1997, an increase of 13.5%. Diluted earnings per common share (Note 2) were also $0.42 in the first quarter of 1998 as compared to $0.37 in the first quarter of 1997. CAPITAL RESOURCES AND LIQUIDITY OVERVIEW Measures of liquidity for the periods presented are as follows: (Dollars in millions) APRIL 4, JANUARY 3, 1998 1998 Cash and cash items $43 $58 Working capital (FIFO inventory) $26 $39 Unused lines of revolving credit $57 $54 Unused lines of short-term credit $30 $30 Current ratio (FIFO inventory) 1.11 1.15 The Company continued to maintain a strong capital position at April 4, 1998. Cash and cash items decreased $15 million to $43 million at the end of the first quarter of 1998. This decrease was primarily the result of a decrease in cash provided by operating activities coupled with an increase in cash used in financing activities. Lines of credit represent a continuing source of capital and are available for purposes of short-term financing. At April 4, 1998, the Company had $35 million outstanding on its revolving lines of credit. The Company is in a solid financial position to carry out its current expansion and operating plans in 1998. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FIRST QUARTER 1998 RESULTS CASH FLOWS FROM OPERATING ACTIVITIES Cash provided by operating activities was $38 million in the first quarter of 1998, a decrease of $16 million from the $54 million provided in the first quarter of 1997. This decrease is primarily attributable to a reduction in cash flows provided by net working capital items partially offset by increases in depreciation and amortization and net income. CASH FLOWS FROM INVESTING ACTIVITIES Cash used in investing activities decreased $10 million in the first quarter of 1998 to $35 million from $45 million in the first quarter of 1997. This decrease is the result of the Company's reduced capital investment and the net book value of assets sold during the period. During the quarter the Company completed the sale of certain assets relative to supermarkets that were closed in January 1998 and that had been written down to their estimated fair values in the fourth quarter of 1997. Capital investments totaled $41 million in the first quarter of 1998 and were composed of $38 million in addition to property, plant and equipment and $3 million in deferred charges and computer software costs. These first quarter capital investments are primarily composed of costs incurred in building and equipping new and expanded supermarkets and in improvements necessary to maintain current facilities and systems. The Company expects to spend in excess of $140 million on new, relocated and expanded stores to open in 1998 and 1999 and improvements necessary to maintain current facilities and systems. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FIRST QUARTER 1998 RESULTS During the first quarter of 1998, the Company opened 5 supermarkets including 3 new stores and 2 expansions. These supermarkets, together with their square footage of selling area, are listed below: SQUARE FOOTAGE LOCATION SELLING AREA Northeast Machias, ME (expansion) 18,000 Lincoln, ME (expansion) 19,000 Rindge, NH 39,000 Southeast Rocky Mount, NC 41,000 Gastonia, NC 42,000 During January 1998, the Company closed seven southeastern stores in non-core markets with limited opportunity for profitable growth. These closures will allow the Company to focus on its key southeastern market regions in 1998. The Company plans to invest approximately $50 million in new and remodeled stores in its key southeastern markets in 1998. During the next three quarters, the Company expects to open 10 supermarkets including 2 new stores and 1 expansion in the Northeast and 3 new stores, 2 relocations and 2 expansions in the Southeast. This program is subject to continuing change and review as conditions warrant. Net square footage of retail selling space is expected to increase by approximately 4.4% in 1998. Construction will also start on a number of stores to be opened in 1999. The 1998 capital program is being financed by internally generated funds, leases and long-term debt. HANNAFORD BROS. CO. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FIRST QUARTER 1998 RESULTS CASH FLOWS FROM FINANCING ACTIVITIES Cash used in financing activities was $17 million in the first quarter of 1998 as compared to $1 million in the first quarter of 1997. This reduction in cash flows of $16 million is principally the result of reduced proceeds from the issuance of long-term debt. The Company purchased 185,000 shares of common stock during the first quarter of 1998 at a cost of $8 million. The majority of this repurchased stock was used to fund the Company's stock based benefit plans with the balance being held in treasury. This amount was offset by proceeds of $5 million received during the first quarter of 1998 from the issuance of 197,000 shares of treasury stock. The Company paid $6 million in dividends to common shareholders in the first quarter of 1998. FORWARD-LOOKING STATEMENTS From time to time, information provided by the Company or statements made by its associates may contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Examples of such statements in this report include those concerning the Company's expected future tax rates, construction schedules and capital expenditures. The Company cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward- looking statements as a result of various factors and risks including, but not limited to the following: (1) Hannaford's future operating results are dependent on its ability to achieve increased sales and to control expenses. Factors such as lower than expected inflation, product cost fluctuations particularly in perishable categories, changes in product mix or the use of promotional items, both of which may affect pricing strategy, continued or increased competitive pressures from existing competitors and new entrants, including price cutting strategies, and deterioration in general or regional economic conditions are all factors which could adversely affect sales projections. Other components of operating results could be adversely affected by state or federal legislation or regulation that increases costs, increases interest rates or the Company's cost of borrowing, increases in labor rates due to low unemployment or other factors, unanticipated costs related to the opening and closing of stores or the inability to control various expense categories. (2) Hannaford's future growth is dependent on its ability to expand its retail square footage. Increases in interest rates or the Company's cost of capital, the unavailability of funds for capital expenditures and the inability to develop new stores or convert existing stores as rapidly as planned are all risks to the Company's projected future expansion. (3) Adverse determinations with respect to pending or future litigation or other material claims against Hannaford could affect actual results. Furthermore, the market price of Hannaford common stock could be subject to fluctuations in response to quarter to quarter variations in operating results, changes in analysts' earnings estimates, market conditions in the retail sector, especially in the supermarket industry, as well as general economic conditions and other factors external to Hannaford. PART II Item 5: Other Information A limited review was made of the results of the three-month period ended April 4, 1998, by Coopers & Lybrand L.L.P. Item 6: Exhibits and Reports on Form 8-K (a) There were no reports on Form 8-K filed during the first quarter. (b) Exhibits required by Item 601 of Regulation S-K 15 Letter from Coopers & Lybrand L.L.P. furnished pursuant to Regulation S-X. 23 Letter from Coopers & Lybrand L.L.P furnished pursuant to Rule 436(c) under the Securities Act of 1933. 27 Financial Data Schedule SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HANNAFORD BROS. CO. Date May 8, 1998 s/Blythe J. McGarvie Blythe J. McGarvie Senior Vice President (Chief Financial Officer) Date May 8, 1998 s/Charles H. Crockett Charles H. Crockett Assistant Secretary EX-15 2 Exhibit 15 REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors and Shareholders of Hannaford Bros. Co.: We have reviewed the accompanying consolidated balance sheet of Hannaford Bros. Co. and Subsidiaries as of April 4, 1998, and the related consolidated statements of earnings and cash flows for the three month periods ended April 4, 1998 and March 29, 1997. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We previously audited and expressed an unqualified opinion on the Company's consolidated financial statements for the year ended January 3, 1998 (not presented herein). In our opinion, the information set forth in the accompanying balance sheet as of January 3, 1998, is fairly stated in all material respects, in relation to the statement of financial position from which it has been derived. Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements for them to be in conformity with generally accepted accounting principles. s/Coopers & Lybrand L.L.P. Portland, Maine April 22, 1998 EX-23 3 Exhibit 23 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 RE: Hannaford Bros. Co. Registrations on Form S-8 We are aware that our report dated April 22, 1998 on our review of interim financial information of Hannaford Bros. Co. and Subsidiaries as of April 4, 1998 and for the three month periods ended April 4, 1998 and March 29, 1997, and included in this Form 10-Q is incorporated by reference in the Company's registration statements on Form S-8 (Numbers 2-77902, 2-98387, 33-1281, 33-22666, 33-31624, 33-41273, 33-60119, 33-60655, 33-60691 and 333-41381). Pursuant to rule 436(c) under the Securities Act of 1933, this report should not be considered a part of the Registration Statements prepared or certified by us within the meaning of Sections 7 and 11 of that Act. s/Coopers & Lybrand L.L.P. Portland, Maine May 6, 1998 EX-27 4
5 1,000 3-MOS JAN-02-1999 APR-04-1998 43,309 0 14,551 1,054 184,070 253,436 1,197,301 406,674 1,215,998 245,831 301,716 0 0 31,754 578,433 1,215,998 788,296 788,296 589,979 589,979 162,995 0 6,534 28,788 10,973 17,815 0 0 0 17,815 .42 .42
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