Colruyt reported good top-line growth in FY16/17 but profitability disappointed. Reported revenue increased 3.4% (vs FY15/16: 2.9%; FY16/17 includes an additional month of sales of the disposed French foodservice business ‘Pro à Pro’). Excluding the disposed French business, top-line growth came in at 2.8% (+30bp vs our estimate), largely driven by the good performance in the retail segment (contributes c.76% to group revenue). The segment clocked 2.4% revenue growth despit
