Colruyt has this week said that it expects its yearly net earnings to increase on last year's result, as a result of growing spending power and increasing salaries in the group's home market of Belgium.
Chairman Jeff Colruyt told shareholders at the discount retailer's annual meeting that net earnings were now expected to increase to €346m for 2010/11, up from the €329.6m recorded last year, Reuters reported.
The group, which has already predicted Colruyt store revenue growth of 4.25 to 6.5 per cent growth for the year, noted that overall revenue increased by 8.5 per cent for the first quarter of the year.
However, Colruyt noted that wage increases and the addition of 3,000 more jobs at the Belgian group would also contribute to increased costs.
