carrefour aims to push sales after earnings slide
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Carrefour aims to push sales after earnings slide

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleCarrefour aims to push sales after earnings slide

The Carrefour supermarket at Deria City Centre, Dubai
Dubai - Arab Today

Carrefour, the world’s second-largest retailer, on Thursday pledged to grow sales and free cash flow this year after posting a steeper than expected fall in 2016 earnings, as profits dropped at its core French market.
Europe’s biggest retailer also said it was ready to float its Carmila property unit and its Brazilian business this year, market conditions permitting.
The French company, which has started looking for a successor to the chairman and chief executive Georges Plassat whose mandate expires in May 2018, also announced it would hold its annual shareholders meeting on June 15.
Carrefour kept its 2016 dividend unchanged at €0.70 per share after recurring operating profit fell 3.8 per cent to €2.35 billion (Dh10.49bn) in 2016, below an average of €2.37bn euros in a Reuters poll.
Accounting for currency exchange rate variations, net sales in Asia fell 7.3 per cent to €6.17bn year on year while in emerging markets they slid 1.3 per cent to €20.68bn. Total sales slipped 0.4 per cent to €76.64bn.
Since taking over as the chief executive in 2012, Mr Plassat has presided over signs of a recovery at Carrefour, which has numerous stores in the UAE but makes 73 per cent of its sales in Europe and around a quarter of sales in France.
He has focused on price cuts along with an expansion into smaller convenience stores, while also renovating its chain of hypermarkets, starting in France.
Yet while Carrefour has made good progress in most European countries and in Brazil, its second-largest market, it has lagged behind on its French hypermarkets.
In France, operating profits fell 13.4 per cent to €1.03bn, with margins down by 40 basis points to 2.9 per cent.
This reflected costs tied to the integration of the loss-making Dia discount stores and increased promotional activity at French hypermarkets amid cut-throat competition in the sector.
"2017 will be the year when Dia results start improving," said the finance head Pierre-Jean Sivignon.
Elsewhere in Europe, however, operating profits rose 25.7 per cent, driven by a continued recovery in Spain and improved profitability in Italy.
In Latin America, Brazil put in a strong performance in spite of difficult market conditions but China, which makes 5 per cent of sales, was still a loss-making area.
"The second-half was a low-point for China," Mr Sivignon said.
Carrefour vowed to grow group sales by 3 to 5 per cent this year and increase free cash flow, as it pares back on investments to renovate its stores although it would continue to expand its store network and invest in E-commerce, added Mr Sivignon.

Source: The National

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

carrefour aims to push sales after earnings slide carrefour aims to push sales after earnings slide

 



Themuslimchronicle, themuslimchronicle

GMT 09:23 2017 Wednesday ,19 April

1105 food baskets distributed in Yemen

GMT 09:35 2018 Monday ,08 January

Trump marijuana policy reversal stokes fears

GMT 11:09 2017 Saturday ,16 December

Russia poses risk to undersea cables: UK defense chief

GMT 09:56 2017 Thursday ,02 November

Digital subscriber gains rev up NY Times profit

GMT 01:38 2016 Thursday ,29 December

Iraqi President meets Kuwaiti Foreign Minister

GMT 17:37 2017 Tuesday ,21 February

Le Pen refuses to wear veil, fails to meet with Mufti

GMT 01:48 2016 Monday ,13 June

Pioneering solar pilots 'make sci-fi a reality'

GMT 18:45 2016 Wednesday ,21 December

Several Qaeda militants killed in drone strike

GMT 07:28 2018 Thursday ,11 January

As US freezes aid, Pakistan dismisses economic fears

GMT 11:14 2017 Sunday ,12 March

My video is flagrant but smashed the charts

GMT 09:21 2018 Wednesday ,10 January

unveils London boutique and appoints MG Empower

GMT 07:48 2018 Thursday ,04 January

L’Oréal Professionnel unveils Alexa

GMT 07:41 2017 Saturday ,19 August

Brief tourism impact from Spain attacks

GMT 00:02 2017 Friday ,22 December

UK-Iranian prisoner could be released

GMT 21:53 2016 Tuesday ,14 June

Israeli tech second only to Silicon Valley

GMT 00:25 2017 Friday ,27 October

Ex-HSBC executive can face US extradition: UK court

GMT 07:44 2017 Wednesday ,20 September

Iran asks award-winning film-maker to report to prosecutor

GMT 10:34 2017 Saturday ,11 November

Politics free? Even country music awards poke Trump

GMT 07:59 2017 Sunday ,17 December

Embassy in London marks Accession, National Days
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle