Belgian discount retailer Colruyt has said it expects its fiscal year 2003/04 profits to rise by 19%.

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“Net profit is expected to come in at €160m (US$180.7m) partly helped by lower tax rates,” chairman Jef Colruyt was quoted by Dow Jones as saying.


The company said this summer’s heat wave had helped drive sales growth of 10.5% between April and August.


Colruyt said it plans to invest €166m in building new stores and refurbishing old stores during the fiscal year to 31 March.

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