Belgium's Colruyt Group has seen its revenue rise by 2.9 per cent to €4.5 billion in the first half of the year, with its market share in Belgium rising to 31.6 per cent.
Profit before tax at the retailer increased 2.5 per cent to €258.6 million, up from €252.3 million in the same period last year.
In a statement, the retailer put the growth down to "ongoing investments in price-positioning, employees, quality, innovation, simplicity and efficiency". Retail revenue accounted for 75.4 per cent of the consolidated revenue for the period.
The half-year results cover the period from 1 April to 30 September.
Looking forward, Colruyt said that it does "not anticipate a significant upturn in the economic climate, nor of the consumer confidence in Belgium and France in the short term. Also, we expect the market to remain highly price-competitive."
Commenting on its performance, Barclays' European Food Retail Equity Research said, "Even though it continued to evolve in a difficult economic environment in Belgium and France, the group commented that promotional pressure was less intense during the period. Colruyt continued to gain market share in Belgium, thanks to its competitive pricing positioning and its dynamic expansion."
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
