Jef Colruyt, chairman of the Belgian discount retailer Colruyt Group, has reported that the company enjoyed a revenue increase of €5.67bn during 2007/08, up 8.9 per cent on the previous year.
Speaking at the group's general assembly of shareholders, Mr Colruyt said that the group's share in profit after tax jumped 9.7 per cent to €288.2m, with earnings per share up 11.7 per cent to €8.87.
'Last fiscal year the retail segment grew by 7.8 per cent and the contribution to operating profit increased by 7.5 per cent,' he said. 'The lower contribution can be explained by a less favourable summer than in 2006/07, increased competitive activity and high food inflation – the costs of which resulted in a lower gross profit margin.'
The group's wholesale segment, including Spar and wholesale activities in France, achieved turnover growth of 10.7 per cent during the past year, and an increase in operating profit of 45.9 per cent.
Speaking about future prospects, Mr Colruyt added: 'For the fiscal year 2008/09 we expect to achieve a consolidated net profit of €304m compared with €288.2m in the year just ended.'
