Carrefour has posted a 6.2% increase of sales in the first half of its financial year, having posted a 6.1% increase in the second quarter, according to a statement issued today (6 July).
The group said that the second quarter performance reflects 'a good like-for-like performance and expansion', and that its core French market posted further sales growth, rising by 0.8% in the quarter, including like-for-like growth across all formats.
Across Europe, like-for-like sales were up 3.4%, while overall growth was 8.6%. In the Rest of World, sales were up 13.6%.
Total sales under banners including petrol stood at €26.3 billion in the second quarter of 2017 and at €52.1 billion in the first half, up respectively by 5.2% and 4.9% at current exchange rates.
Robust Growth
'This performance reflects robust like-for-like sales growth in all regions in which the Group operates, in a strongly promotional context and in a macroeconomic environment marked by the slowdown of inflation in several markets,' Carrefour said.
'It also reflects the positive effect of expansion and acquisitions, Billa in Romania and Eroski in Spain. Food sales continued to grow strongly, up 6.3% in the half, of which 2.7% on a like-for-like basis.'
Commenting on its performance, Barclays European Food Retail Equity Research said, 'Even though Carrefour’s performances outside France remained dynamic, we believe that its profitability was also impacted by Eroski’s integration costs in Spain and the decelerating food inflation in Brazil, while FX fluctuations turned negative.'
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
