Carrefour, France’s largest retailer, reported higher first-half profit as revenue strengthened in Europe, with sales in its home market rising for the third consecutive year.
First-half recurring operating income rose 1.3 per cent to €726 million ($795 million), Boulogne-Billancourt-based Carrefour said Friday in a statement.
Carrefour is modernizing stores and adding collection points for online orders in France as chief executive officer Georges Plassat seeks to turn round the business. All store formats in France boosted sales on a like-for-like basis in the second quarter, while growth accelerated in Spain and Brazil advanced 7.1 per cent. Europe accounted for about 70 per cent of Carrefour’s revenue and about 60 per cent of profit.
The grocer said this month the €2.51 billion to €2.53 billion consensus range for full-year recurring operating income is reasonable.
Bloomberg News, edited by ESM
