Belgium: Colruyt issues profit warning
Belgian retailer Colruyt has issued a profit warning after revenues failed to grow as expected in Q3, Just Food reports. Net profit for the year to March is expected to be down on the previous year when net profit totalled €EUR353.7, up 31% on 2012/13.
"In the last months revenue has been increasing less rapidly than in the first six months of this financial year," a Colruyt spokesperson commented.
Colruyt’s sales were up by 4.5% at EUR6.54bn, although the revenue from its retail stores was down to 4.3% from 4.8% in the first half of the year.
A "highly competitive and promotional market developed" in the autumn which led to the squeeze on profits, the retailer continued.
Source: Just Food