Belgian group Colruyt has reported that full-year earnings for 2009/10 beat original expectations, with net profit climbing 8.3 per cent year-on-year to hit €329.6m.
The discounter had forecast a net profit of €320m for the 2009/10 period, although Reuters analysts said that this had been a cautious move by the group.
Results had been boosted by low prices that drew in prudent shoppers, Colruyt noted, which had contributed to an increase in market share to 24 per cent through the first quarter of 2010/11, Reuters reported.
For the coming financial year, the discounter anticipated revenue growth of 4.25-6.50 per cent for its Colruyt stores, which account for around 65 per cent of the group's overall revenues.
