French supermarket giant Auchan has announced that its half-year net profit jumped 48 per cent to €341 million, but warned that the outlook for the rest of the year was still uncertain. The retail giant said that the profit was helped by a €161 million capital gain generated on the restructuring of the partnership operated by the Auchan and Ruentex groups in China.
“Our staff have successfully withstood the continuing difficult conditions in Western Europe while continuing to operate a quality discount business," said Vianney Millez, chairman of the board of directors at Auchan. "We have also reduced our debt load while increasing investment, particularly internationally. Our fundamentals are solid, enabling us to retain and win the confidence of the greatest number of customers despite the volatile conditions.”
Auchan’s consolidated sales rose by 5.8 per cent to reach €2.1 billion, with 55 per cent of its sales now outside of France. (1 Sept)
© 2011 - ESM: European Supermarket Magazine
