The Colruyt group has said it expects its full-year net profit to be flat or slightly above last year’s level. In the 2015/16 fiscal, the group recorded net profit of €366m.
The forecast is below analysts’ expectations of around €374m in profit for the year. The forecast does not include the (limited) impact of the sale of its Pro a Pro business.
CEO Jef Colruyt appeared to address some of the disappointment by noting: “We do not anticipate a significant upturn in the economic climate nor in the consumer confidence in Belgium and France in the short term”.
He also said the group would continue trying to keep operating costs under control, while simultaneously investing in stores and staff.