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 proved remarkably resilient to the eurozone 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.