Colruyt's Net Profit Up 3.1% In FY12/13
News: Belgium-based discount grocery retailer Colruyt's net profit increased 3.1% to EUR353.7mn (US$459.8mn) in FY12/13 (ended March 2013). The company's operating profit rose 6.2% to EUR515.1mn (US$669.6mn) and its revenue grew 5.9% to EUR8.31bn (US$10.8mn) during the year. The company's strong results came on the back of its strategy of 'lowest prices' and 'additional discount actions' in FY12/13. The strategy enabled the company's retail division to grow its market share in an extremely competitive business environment.
BMI View: The Belgian economy has prov ed remarkably resilient to the e urozone sovereign debt crisis over the past two years. Belgium's membership to the 'core eurozone' has, to some extent, shielded the economy from the escalating debt crisis at the periphery.