Level profits leave French grocery giant undeterred
Carrefour's sales increased by 3.1 per cent to Eu72 billion (£50.08 billion) last year. However, the retailer's profit before tax for the period improved by only 0.8 per cent to Eu2.8 billion (£1.95 billion). The grocer said it would have to go further and faster to return to profitable growth.
The retailer began the reported year with only 30 per cent of its stores commanding the number one or two slot locally, but managed to improve that to 75 per cent over the period. Carrefour sold or closed 57 supermarkets in Spain, Argentina and Brazil, and sold its 22 per cent stake in Portuguese retailer Mondo Continente. However, the retailer promised to accelerate growth over the coming years, starting with 10.8 million sq ft (1 million sq m) of new space.
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