Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

France's Plan to Tackle Racism

Read more

THE WORLD THIS WEEK

Marine Le Pen and Thomas Piketty in Time magazine's power list; EU takes on Google; Gunter Grass dies (part 2)

Read more

THE WORLD THIS WEEK

Deadly Crossing: Migrants desperate to reach Europe; Abadi in Washington (part 1)

Read more

EYE ON AFRICA

Xenophobic attacks in South Africa: anti-violence marches and anti immigration protest

Read more

FRANCE IN FOCUS

French PM outlines action plan against racism, anti-Semitism

Read more

REPORTERS

Turkey’s hidden Armenians search for stolen identity

Read more

REVISITED

Families of slain Marikana miners still demanding justice

Read more

#TECH 24

Europe vs. Google: EU accuses search giant of market dominance abuse

Read more

#THE 51%

Women in America: Land of the free, home to the less-paid

Read more

France

French supermarket Carrefour's profits slump

Latest update : 2009-03-12

French supermarket giant Carrefour, ranked world number two, anounced its net profit fell 44.7 percent to 1.27 billion euros (1.60 billion dollars).

AFP -  French supermarket giant Carrefour, ranked world number two, said Thursday its 2008 net profit slumped nearly 45 percent as second half demand fell away in face of the global economic downturn.

Net profit fell 44.7 percent to 1.27 billion euros (1.60 billion dollars) while earnings before interest and tax (EBIT) were down 16.8 percent at 2.77 billion euros, much worse than analyst forecasts for a 3.2 percent drop.

Last year was "marked by food price inflation and a clear slowdown in the second half," Carrefour said.

The company said the first two months of this year had seen a pick up in sales but overall, conditions had not improved and 2009 promised to be difficult.

"We expect a difficult environment in 2009," finance director Eric Reiss said.

"Consumption trends have not improved compared with 2008," he said, adding, however, that in France, which accounts for 40 percent of its sales, all its outlets were holding up relatively well.

Carrefour said in an earnings statement that it planned to keep capital spending this year at not more than 2.5 billion euros, focused on sales promotion while keeping costs under control.

Newly appointed head Lars Olofsson said the group aimed to boost organic growth to above market rates and to improve its profit margins.

Carrefour left its 2008 dividend unchanged at 1.08 euros per share.
 

Date created : 2009-03-12

COMMENT(S)