Colruyt has reported a 16.0% year-on-year increase in revenue, to €5.5 million, and a more than 100-basis-point gain in market share, to 32.1%, in the first half of its financial year.
The retailer, which operates the Colruyt, OKay and SPAR banners, attributed the revenue growth to food inflation, market share gain in Belgium and the full consolidation of Newpharma.
Excluding the one-off effects, operating profit increased to €246 million, accounting for 4.5% of revenue.
Net profit from continuing operations grew to €191 million, and total net profit increased to €189 million in the first half ended 30 September 2023.
EBITDA for the first half rose by 54.5% to €450 million, from €291 million in the year-ago period.
"Challenging And Uncertain Times'
Commenting on its performance Colruyt chief executive Stefan Goethaert stated, "In these challenging and uncertain times, we have managed to improve results by consistently implementing our long-term strategy. We have made extra efforts to minimise the increase in operating costs in times of inflation.
"As a group, we continue to assume our societal role in all our areas of expertise and aim to continue playing a meaningful role throughout our customers’ lives. We continue to safeguard their purchasing power with Colruyt Lowest Prices consistently applying its lowest-prices strategy."
In this period, Colruyt invested around €206 million in new stores, the modernisation of existing stores, the expansion of the logistics capacity in Belgium and France, innovation and digital transformation programmes and energy efficiency measures.
Divisional Performance
Revenue from retail activities, excluding Dreamland in both the current and prior reporting period, increased by 15.9% to €4.8 billion.
Food retail revenue increased by 13.5% in the first six months, with its Colruyt banner in Belgium and Luxembourg witnessing 14.3% growth, while OKay, Bio-Planet and Cru reported an aggregate revenue growth of 11.9%.
In France, Colruyt reported revenue growth of 8.9%, including the fuel distribution operations of DATS 24.
In the non-food category, revenue increased by 64.1% in the first half of the year, primarily driven by the consolidation of Newpharma.
Its wholesale and foodservice segment saw a 16.8% increase in revenue, to €669 million, while revenue from other activities amounted to €14 million.
