Carrefour records H1 profit of US$104m
Source: Agencies |
September 1, 2010, Wednesday
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Print Edition
Print Edition
FRENCH retailer Carrefour SA said yesterday that it made a net profit of 82 million euros (US$104 million) in the first half after what CEO Lars Olofsson called "significant" market share gains in France.
The result compares with a net loss of 58 million euros in the same period a year earlier.
Olofsson said Carrefour "turned in a good performance" and that he is "confident of achieving our 2010 objectives."
"Carrefour has also consolidated its positions in its priority markets through acquisitions and partnerships and taken radical operating decisions to restore profitability in underperforming markets," he said in a statement.
The world's second-largest retailer behind Wal-Mart Stores Inc said yesterday it booked one-off charges of 384 million euros in the six-month period, mostly from restructuring.
Since Olofsson took over last year, Carrefour has sought to gain market share in France, which accounts for 40 percent of sales, by slashing prices, promoting the brand, introducing a discount range and accelerating the conversion of stores to the Carrefour banner.
An improved price image helped like-for-like market share in France increase by 80 basis points this year under the Carrefour banner, the company said.
Carrefour also said it wants to improve the performance of its hypermarkets in Brazil and strengthen its position in China.
Revenue in the first half rose 6 percent to 43.73 billion euros.
The result compares with a net loss of 58 million euros in the same period a year earlier.
Olofsson said Carrefour "turned in a good performance" and that he is "confident of achieving our 2010 objectives."
"Carrefour has also consolidated its positions in its priority markets through acquisitions and partnerships and taken radical operating decisions to restore profitability in underperforming markets," he said in a statement.
The world's second-largest retailer behind Wal-Mart Stores Inc said yesterday it booked one-off charges of 384 million euros in the six-month period, mostly from restructuring.
Since Olofsson took over last year, Carrefour has sought to gain market share in France, which accounts for 40 percent of sales, by slashing prices, promoting the brand, introducing a discount range and accelerating the conversion of stores to the Carrefour banner.
An improved price image helped like-for-like market share in France increase by 80 basis points this year under the Carrefour banner, the company said.
Carrefour also said it wants to improve the performance of its hypermarkets in Brazil and strengthen its position in China.
Revenue in the first half rose 6 percent to 43.73 billion euros.
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