Belgian retailer Colruyt has announced that it recorded a net profit of €338m for the 2010/11 financial year, up from the €329.6m reported in the same period last year.
However, the result was below outside estimates, according to a report by Reuters, with a poll of 11 analysts forecasting net profit of €352m.
Revenue increased by 7.8 per cent through the 12-month period, while operating profit climbed only slightly by 0.5 per cent, hit by higher personal costs and depreciation charges, Reuters said.
'The gross profit margin came under pressure in the second semester due to rising cost-price inflation that could only partly be passed on to the end consumer,' the group said in statement.
The discounter will propose a dividend of €0.92 per share, up from €0.90 in 2009/10.
