Carrefour sees French recovery speed up

Carrefour sees French recovery speed up

French retailer Carrefour saw its turnover drop 1.3 % in the third quarter, due to lower gas prices and exchange rates in Latin America. In France however, the recovery continues with great strides in every format it owns, including hypermarkets.

21.11 billion euro turnover

Carrefour has announced a group turnover of 21.11 billion euro in the third trimester, 6.67 % lower than in the same trimester last year - partly due to the group's exit from Greece, Columbia, Malaysia, Singapore and Turkey. Eliminating the turnover those countries had, meant that its drop was limited to 1.3 %.

 

Removing gas sales and the calendar effect resulted in a like-for-like turnover growth of 3.5 %. France, still Carrefour’s most important market, helped quite a bit: turnover grew 1.4 % to 10.15 billion euro. The like-for-like sales increased in all of the group’s formats, especially in convenience stores (+5.9 %) and in hypermarkets (+2 to 3 %)

 

"Our action plans are starting to work, especially in France, where our price image has improved a lot”, said CEO Pierre-Jean Sivignon during a conference call. “In our hypermarkets, food sales have been on the rise for the fourth quarter running.”

 

International growth, also in Belgium

Carrefour saw its like-for-like turnover increase 3.6 % outside of France, but the exchange rates ruined that piece of good news. Turnover eventually dropped 3.8 % lower, at 10.96 billion euro. The biggest organic growth can be found in Latin America (Brazil rose 8.8 % and Argentina even soared 22.3 %) and somewhat to a lesser extent in Asia. China managed to grew for the second quarter running, this time adding 4.7 %.

 

European sales outside of France dropped 2.7 %, but Carrefour sees a few positives: Spain is showing signs of stabilizing, dropping 1.8 % (on a like-for-like basis), while Italy has managed to slow down the drop (- 3.9 %). Belgium had a like-for-like growth of 1.6 %.

Questions or comments? Please feel free to contact the editors


Action opens 1,000th store

20/10/2017

Tomorrow is a special day for Dutch discounter Action, as it will open its 1,000th store in Gorinchem (in the Netherlands). The number of Action stores has almost doubled in the last two years.

Richemont forecast huge profit increase for first six months

17/10/2017

Luxury firm Richemont, which owns watch brand Cartier for instance, has forecast an 80 % profit increase for the first half of its fiscal year. Turnover will also grow more than 10 %.

Safe.Shop is new global eCommerce trust mark

16/10/2017

Safe.Shop is the world’s first global eCommerce trust mark. Currently, only twelve countries signed up, but that number should increase in the future.

Retailers the wrong target for action on the supply chain

13/10/2017

(content provided by EuroCommerce) EuroCommerce Director-General Christian Verschueren has expressed his concern towards Agriculture Commissioner Phil Hogan that some of the statements in his speech on 5 October in Dublin could polarise the debate.

Zeeman doubles profit

12/10/2017

Store chain Zeeman’s profit more than doubled in the past fiscal year compared to 2015. Turnover also grew several percent, mainly thanks to strong performances outside of the Netherlands.

British company acquires Intertoys and Bart Smit

12/10/2017

Dutch retail holding Blokker has sold its toy division Intertoys to British investor Alteri. The store chain sale is part of Blokker Holding’s new strategy to focus only on its namesake chain.

Back to top