'Resilient' sales for Carrefour at half time

Net income impacted by non-recurring charges, but transformation is underway.
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French supermarket giant Carrefour has posted 'resilient' first half sales and market share gains for its first half, but said its results had been impacted by commercial investments and exceptional charges.

Net income from continuing operations saw a first half loss of E58 million, compared to a profit of E744 million in the first half of 2008. This was inpacted by charges of E511 million.

Sales rose by 1.9 per cent at constant exchange rates (excluding petrol) and adjusted for calendar impact (reported at -1.6 per cent).

In France, like for like hypermarket sales (excluding petrol) were down 1.9 per cent, while sales in Europe dropped 2.5 per cent. However, Latin American activities continued to post strong sales growth of 18.3 per cent, driven by the good performance of the Brazilian operations.

Carrefour's Asian activities also continued to grow, with sales up 3.8 per cent.

"In a challenging environment, Carrefour posted resilient first half sales and market share gains, highlighting the successful acceleration of our brand convergence program and the relevance of our multi-format model," said Lars Olofsson, CEO of Carrefour.

"With a focused and determined management and mobilised team, we are on track to deliver our 2009 objectives, execute our transformation plan and make Carrefour the preferred retailer."


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