BELGIUM: Profit warning from retailer Colruyt
Colruyt saw retail revenues slow during the autumn
Belgium-based retailer Colruyt has warned annual profits will fall after revenues failed to grow as quickly as expected in its third quarter.
The company said its net profit for the year to the end of March would be "slightly lower" than a year earlier. Colruyt's net profit last year was EUR353.7m (US$477.9m), up 31.% on 2012/13.
"In the last months revenue has been increasing less rapidly than in the first six months of this financial year," Colruyt said as it reported its sales results for the nine months to the end of December.
Colruyt's turnover was up 4.5% to EUR6.54bn. However, revenue from its retail stores slowed, rising 4.3%, compared to 4.8% in the first half of the company's fiscal year.
The retailer said a "highly competitive and promotional market developed" during the autumn amid pressure on consumer spending.
Click here for the full statement from Colruyt.
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