carrefour aims to push sales after earnings slide
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Carrefour aims to push sales after earnings slide

Arab Today, arab today

Arab Today, arab today Carrefour 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

arabstoday
arabstoday

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

 



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

 



GMT 11:54 2017 Monday ,14 August

Ferrari is planning to utility vehicle

GMT 06:18 2017 Tuesday ,29 August

UAE drops jail term for Singaporeans

GMT 07:52 2017 Monday ,30 January

US elite forces in deadly raid on Qaeda in Yemen

GMT 08:51 2017 Monday ,18 December

Love but above all peace: year end wishes in Damascus

GMT 02:28 2017 Monday ,05 June

September24th-October23rd

GMT 18:26 2016 Sunday ,27 November

World reacts to death of Cuba’s Fidel Castro

GMT 21:41 2017 Saturday ,06 May

Palestinians hunger strike enters 3rd week

GMT 21:39 2017 Wednesday ,13 September

Tokyo stocks close up as North Korea, Irma worries ease

GMT 06:44 2017 Monday ,18 September

Philippines' Duterte likens rights chief to paedophile

GMT 08:06 2017 Thursday ,18 May

Oman Air announces online purchase of add-ons

GMT 19:19 2017 Friday ,25 August

Indonesia aims to become major fruit exporter

GMT 19:31 2018 Tuesday ,23 October

Iran arrests groups planning attacks on pilgrims

GMT 11:59 2018 Thursday ,11 October

Kuwait reiterates support for Colombia peace agreement

GMT 18:22 2016 Wednesday ,27 April

Mufti receives Vietnamese delegation
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday