HALLE, Belgium, Sept 16 (Reuters) - Belgian discount supermarket chain Colruyt said on Wednesday its net profit should rise by 4.6 percent in the year to end-March 2010, below market expectations.
The Belgian group said it expected a profit of 320 million euros ($469.9 million), versus 306 million euros in 2008/2009.
A Reuters estimates poll of 19 analysts had produced an average net profit for this year of 328 million euros.
Colruyt Chairman Jef Colruyt told shareholders at their annual meeting that steep inflation of last year had increased the pressure on operational costs.
"This year, once again, the automatic indexation mechanism and the shortage of some specific competence profiles on the labour market will be a burden on our cost structure," he said.
The company also announced that it planned to pay a dividend of 4.04 euros gross and 3.03 euros net per ordinary share. A year ago, it paid out 3.68 euros gross and 2.76 euros net.
In July, Colruyt, which traditionally offers cautious guidance, reported a 6.6 percent rise to 1.67 billion euros in first-quarter sales for its 2009-2010 financial year.
The group said at the time summer weather had had a positive impact on consumption of typical summer products and its discount formula continued to attract customers turning to cheaper goods.
Colruyt competes with German hard discounters Aldi and Lidl, France's Carrefour and high-end Belgian retailer Delhaize. (Reporting by Antonia van de Velde; editing by Philip Blenkinsop)