Colruyt expects more profit despite corona

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Despite the consequences of the corona virus, the Colruyt store group expects to make as much or even more profit this year than in the previous financial year.

“We will at least equal the net result,” said CEO Jef Colruyt on Wednesday at the annual general meeting of the supermarket group. “We may even do a little better.” As a reminder: last year Colruyt made a profit of 380 million euros without one-off effects.

The entrepreneur does keep a close eye on things. ‘We have to wait and see what happens in the coming months, with corona. So there is no guarantee that we will make it. But if the trend continues, it should be possible to perform just as well or slightly better than last year. ‘

Due to corona, Colruyt has to take extra safety measures. ‘Those extra costs are not nothing’, says Jef Colruyt. “They will be further reflected in the income statement for the 2020/2021 financial year.”

At the same time, Colruyt is benefiting from higher sales figures. Certainly at the beginning of the crisis, people bought more in the supermarket, partly because the catering industry was closed.

At the beginning of the crisis, Colruyt did lose market share. That was because local stores became more popular than large stores. ‘People wanted to shop in their immediate vicinity,’ says operational director Marc Hofman. ‘Our competitors are relatively better represented with local shops than we are.’

It is not clear whether Colruyt continued to lose market share in recent months.





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