Belgian discount retailer Colruyt has reported a 38.8% rise in full-year profit excluding extraordinary items, beating the company’s own forecasts.

The company posted consolidated group net profit of €186.45m (US$226.9m) for the year to 31 March, compared to its forecast of €164m. Analysts had forecast, on average, profit of €167.7m, reported Reuters.

Colruyt’s performance was boosted by strong sales, which rose 22.7% to €3.86bn, and less price pressure from its rivals. Sales were boosted by contributions from Laurus stores in Belgium that had been acquired by Colruyt. Like-for-like sales at Colruyt’s supermarkets rose 6.99%.