Carrefour has reached an agreement with El Corte Inglés to buy 47 stores under the SuperCor banner in Spain, for an enterprise value of €60 million ($64.4 million), the French retailer said.
The deal includes supermarkets and convenience stores notably located in the regions of Madrid, Catalonia, Andalucia and Comunidad Valenciana.
Carrefour plans to convert the acquired stores to the Carrefour Market, Carrefour Express and Supeco banners.
The converted stores will benefit from Carrefour's brand equity, commercial policy, products under Carrefour brand and purchasing conditions, the retailer noted.
The acquisition will help the French retailer to consolidate its position in Spain by further diversifying its store network and geographical footprint in the country, in line with its strategy.
Carrefour First-Half Results
In July, Carrefour reported a 11.2% increase in first-half sales on a like-for-like basis, with reported sales up 8.2% in the period.
In the second quarter alone, meanwhile, like-for-like sales rose 10.3%, with reported sales up 4.1%.
The group said that like-for-like sales in its home market rose by 7.2% in the half-year (+7.3% in Q2), with the group gaining an additional 567,000 new customers in the period, compared to the same period last year.
Wholesale Format Logo
Elsewhere, Carrefour has officially registered the logo of its new wholesale format in France, imported from the Brazilian market.
The design of the Atacadão banner in France will be different from that used in Brazil and Morocco, the retailer said.
The logo registration indicates that Atacadão's debut in France is, in fact, close, despite question marks over the retailer's plans for the format.
News by Reuters, additional reporting by ESM.
