Belgian discount supermarket chain Colruyt has reported a rise in full-year profits as its cut-price strategy paid off amid an economic slowdown.

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Colruyt reported net profit of €134.4m (US$153.4m) for the year to the end of March, a rise of 21% year-on-year.

Analysts had forecast a 14% rise in profit to €125.8m, while the company itself had forecast €123m.

Sales for the year increased 7.45% to €3.14bn.

Colruyt’s no-frills supermarkets and discount pricing strategy have proved popular amid an economic slowdown, as consumers seek cheaper goods, reported Reuters. Turnarounds at several of the company’s loss-making businesses also helped boost profits.

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