Belgian discount supermarket chain Colruyt has reported that its operating profit fell during the full-year of 2008/09, down to €431m, or 6.8 per cent of revenues.
'This decrease is due to a substantial increase in personnel costs,' said Colruyt in a press statement, citing wage inflation and increased depreciation charges, Reuters reported.
Net profit for the full year jumped 6.2 per cent to €306m, with revenues increasing 11.2 per cent to €6.3bn – a result in line with analysts' average estimate.
Meanwhile, the group said that its €230.6m investment programme would continue to grow through the upcoming financial year.
'Despite the economic crisis the Colruyt Group continues to invest in future growth and sees its turnover and profits increase further,' the firm said in its results report.
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