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November 28, 2013

BELGIUM: Colruyt still cautious on FY after “strong” H1

Belgian retailer Colruyt has maintained its forecast for annual profits even after an almost 10% jump in earnings.

By Dean Best

Belgian retailer Colruyt has maintained its forecast for annual profits even after an almost 10% jump in earnings.

Colruyt said it still sees its net profit for the current financial year “in the same range” as a year ago despite a 9.7% increase in its bottom line for the six months to the end of September.

The retailer’s first-half net profit reached EUR176.2m (US$239.2m); operating profit was up 10.4% at EUR254.7m.

Revenue increased 4.6% to EUR4.25bn. Colruyt also pointed to its success in “keeping cost growth under control”.

Retail sales in Belgium were up 4% at EUR2.67bn. In France, a smaller market, sales increased 11.3% to EUR119.8m.

Click here for the full statement.

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