Belgian retailer Colruyt today (28 November) booked a rise in first-half profits but said margins had fallen on the back of rising energy and labour costs.
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The discounter booked a 7.7% rise in operating profit to EUR212.5bn (US$270m) for the six months to 30 September.
Net profit rose 5.1% to EUR150.4m, leading Colruyt to keep its full-year forecast for net profit of EUR304m.
Sales rose 14% to EUR3.09bn. Colruyt’s namesake stores saw sales rise 12.4% to EUR2.05bn and grew their share of the Belgian grocery market as local consumers were lured by the chain’s lower prices.
Operating margin, however, dipped from 7.3% to 6.9% during the first half of Colruyt’s fiscal year as it battled rising labour and energy costs.
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By GlobalData
