Carrefour heralds market share gains
Exchange rates cause supermarket giant problems
January 11 200
French supermarket operator Carrefour has reported a total sales increase of 6.3 per cent in the fourth quarter of 2003 and 4.5 per cent for the full year.
However, the headline figures are calculated on constant exchange rates and like fellow European supermarket giant Ahold, Carrefour has taken a battering from the impact of unfavourable rates in overseas territories such as Asia and the Americas.
As a result, on actual exchange rates sales for the quarter fell 1.7 per cent, and for the full year the fall is 1.6 per cent.
In what Carrefour described as “an environment of weak consumption and significantly negative monetary impacts” the fouth quarter was the strongest of the year thanks to like-for-like sales increases and openings of new stores.
Total sales for 2002 were €76,777m. Over the year, Carrefour opened 41 hypermarkets, 43 supermarkets and 228 discount stores, bringing its total store estate to 9,633 stores. The group is predicting an earning per share increase of 10 per cent to 15 per cent.