Colruyt‘s moves to tap into consumers’ desire for value has boosted the Belgian retailer’s quarterly sales.
The company reported a 5.5% increase in first-quarter sales to EUR2.05bn (US$2.5bn). On a comparable basis, sales climbed 5.8%.
Colruyt said consumers were “more inclined” to buy cheaper products and it lowered prices on 500 “basic” items during the quarter, which it said increased its market share.
The increase in first-quarter sales follows a year in which revenue and profit rose as Colruyt’s low prices paid dividends.
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