BELGIUM: Colruyt shares jump after FY profit rise
Colruyt said retail business increased market share
Shares in Belgium-based retailer Colruyt jumped today (26 June) after the company booked higher full-year earnings.
Colruyt reported a 3.1% increase in net profit to EUR353.7m (US$459.8m) for the 12 months to the end of March. Operating profit grew 6.2% to EUR515.1m. EBIT margins of 6.2% were in line with last year, Colruyt, which filed its results after the market closed yesterday, said.
Revenue was up 5.9% at EUR8.31bn. Colruyt said its strategy of "lowest prices" and "additional discount actions" throughout the year meant its retail business was able to increase its market share in a "highly competitive environment".
Colruyt, which had 388 stores in Belgium, Luxembourg and France by the end of the financial year, saw its shares end today up 8.03% at EUR40.08.
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