Shares in Colruyt rose by more than 11% today (27 June) after the Belgium-based retailer reported an increase in annual profits.
The company, which booked lower profits for the first six months of its financial year, said its net profit increased 1.5% to EUR342.9m (US$428.4m).
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The results were published yesterday after the market closed and investors reacted positively to the news. Colruyt’s shares were up 11.04% at EUR33.20 at 12:06 CET today.
Colruyt said a “sharp focus” on the positioning of each of its banners had led to a 7.8% rise in sales. It claims to have a “consistent strategy of [the] lowest prices” in Belgium and “guarantees” the lowest prices for “all national brands” in France.
With consumer spending under pressure and shoppers looking for value, Colruyt’s strategy seems to be paying dividends.
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