Colruyt's low price "guarantee" helped the Belgium-based retailer gain market share in the first quarter of its financial year, the company has claimed.

The company said yesterday (28 July) that its low prices had helped it make "further market share gains" during the three months to the end of June.

"In a climate of rising raw material and energy prices, customers consciously opt for the lowest prices. They can rely on Colruyt to provide both quality service and the lowest prices. This once more resulted in further market share gains," the retailer said.

Colruyt's consolidated revenue increased 8.9% to EUR1.95bn (US$2.8bn) during the quarter. Retail revenue was up 7.7% at EUR1.49bn. Revenue from the company's wholesale and foodservice operations climbed 4.5% to EUR326.1m

Meanwhile, revenue from the rest of Colruyt's business, which includes the DATS 24 petrol stations, increased 26% to EUR164.1m.