Belgian grocery retailer Colruyt has continued to benefit from its discount formula, posting 7.9% revenue growth during 2009/10 to reach EUR6.75bn (US$8.23bn).
The company said low food inflation was partially offset by increased price pressure. The company’s net profit reached EUR329.5m (US$401.8m), an 8.3% increase on the previous year.
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CFO Wim Biesemans said the company’s low-price strategy led to its Colruyt banner increasing market share to 24.01% during the first quarter of 2010, although did not reveal what it was previously.
The discount chain posted EUR4.41bn revenue for the 2009/10 financial year, a 6.3% increase on the previous year.
Its French stores posted 11.3% growth to reach EUR149.4m, while its non-food food chains DreamLand and DreamBaby posted 11.3% growth with total revenue reaching EUR196.2m.
