UPDATE 1-Delhaize on track to cut costs, sticks to outlook

* Says on track to meet cost savings target

* Reiterates 2009 outlook

* Says winning market share in Belgium in Q2

* Says not exposed to CDO risk

(Adds detail)

BRUSSELS, May 28 (Reuters) - Belgian supermarket group Delhaize (DELB.BR) is on track to meet its cost savings goal, is sticking to its 2009 outlook and has been winning market share in Belgium in the second quarter, its chief executive said.

Delhaize aims to reduce its cost structure by 100 million euros ($139.4 million) and generate 50 million euros in working capital improvements this year. The measures follow more than 60 million euros of savings in 2008.

"We are well on our way to reach these targets," Chief Executive Olivier Beckers told the group's annual shareholders meeting on Thursday.

Beckers also reiterated the company's 2009 outlook. "As a consequence of the first quarter and of what we see in our different markets we can confirm our forecasts," he told Reuters after the meeting.

The group expects operating profit to grow by up to 3 percent in 2009 at stable exchange rates. Excluding a 53rd week of business in 2008, growth would be between 3.5 and 6.5 percent.

Delhaize, which generates about 70 percent of its sales in the United States where it operates a variety of supermarket chains, reported first-quarter profit above market expectations earlier this month as its cut-price product ranges sold well. [ID:nL6222164]

Dutch peer Ahold (AHLN.AS), which makes just over half its sales in the United States, met forecasts with an 18 percent rise in first-quarter operating profit earlier on Thursday, boosted by restructuring and market share gains in the U.S. and the Netherlands. [ID:nLR984737].

Beckers said Delhaize was performing well in the United States. "In the U.S. we can see that our comparable sales remain positive, whereas most of our competitors have a negative figure. Apparently our market share is growing there as well," he said.

Delhaize was not exposed to risk resulting from investments in collateralised debt obligations (CDOs), director of investor relations Geert Verellen said.

A number of Belgian companies have booked impairment charges on investments in CDOs, including lingerie maker Van de Velde (VELD.BR) and Belgian semiconductor firm Melexis (MLXS.BR), causing investor concern over exposure to these products.

Shareholders approved the renewal of Beckers' mandate for another three years at Thursday's meeting.

Delhaize operates a number of supermarket chains, including Food Lion in the United States and Delhaize itself in Belgium. It also has supermarkets in Greece, Romania and Indonesia. (Reporting by Antonia van de Velde; Editing by Erica Billingham)