Shares in Belgium-based discounter Colruyt tumbled today (26 September) after the retailer said annual earnings would be flat year-on-year – sharply below analysts’ forecasts.
Chairman Jef Colruyt said a “slackening” consumer confidence and a “permanently price-competitive market” meant the retailer expects net profit to be “in line” with the previous financial year.
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In the 12 months to the end of March, Colruyt generated profit of EUR353.7m, up 3.1% on a year earlier. However, for the new fiscal year, analysts had forecast profit of EUR381.2m, according to a Bloomberg poll of 18 estimates.
Shares in Colruyt were down 3.55% at EUR42.485 at 12:23 CET.
