Belgium-based discount supermarket operator Colruyt has this week revealed that first-half net profit increased 6.4 per cent on a year-on-year basis, up to €171.7m, close to a Reuters analyst poll forecast of €173m.
The positive result was achieved after Colruyt offset higher personal costs and higher depreciation charges by an increasing gross margin, Reuters reported.
In its domestic market, the retailer said that it had increase market share to 24.36 per cent, up 97 basis points on the same period of 2009, due to a low-cost pricing strategy.
As a result of the half-year result, Colruyt said that it would maintain the net profit target of €346m that was originally given at a shareholder meeting in September, an improvement on the €329.6m recorded through 2009/10.
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