French supermarket chain Carrefour has had a 3.2 % organic turnover growth in the fourth quarter. Latin America contributed mostly to that growth, but Belgium also kept growing.
22.2 billion euro turnover
Carrefour had a fourth quarter turnover of 22.2 billion euro, a 1.5 % drop in absolute figures, largely because of divestments in Greece, the Far East and Turkey among others. Organic growth (without gas sales and calendar influences) was 3.2 % if exchange rates fluctuations are taken out of consideration.
In its own home market France, turnover grew 1.7 %, which means it remains Carrefour’s most important market. All store formats grew for the second quarter in a row, thanks to an aggressive price policy. Hypermarkets grew 1.7 %, supermarkets 1.8 % and convenience stores and online grew 4.6 %.
International sales grew 4.2 %, especially thanks to Latin America where Carrefour had an organic 6.8 % growth in Brazil and 32.3 % in Argentina. Asia had a meagre 0.7 % growth, while Europe (excluding France) dropped at that same rate - due to a big decrease in Italy (-5.8 %). Carrefour’s second most important market (Spain) managed growth once more, even though it was only 0.2 %. Belgium also grew, 1.5 %.
2.5% growth in 2013
Carrefour’s 2013 turnover dropped 1.2 % to 84.3 billion euro, but it managed a 2.5 % organic growth. Its home market France delivered a 39.72 billion euro turnover, a 1.3 % growth. That is the best result since 2007, according to Chief Financial Officer Pierre-Jean Sivignon.
International activities grew 3.5 % to 44.59 billion euro, with Latin America’s 12.6 % growth as a huge bump. “Despite less-favourable exchange rate fluctuations”, Sivignon emphasizes. Analysts expects operation profit to reach 2.19 billion euro.
(Translated by Gary Peeters)