French retailer giant Carrefour announced yesterday that its second quarter revenue rose 6.3 per cent, thanks in large part to growth in Asia and Latin America.
There was a 2.7 per cent increase in French sales, a market which makes up around 40 per cent of Carrefour's total, and an improved performance at home was a key goal of CEO Lars Olofsson.
Revenues rose to €24.9bn (US$31.97bn) in the June quarter, up from US$30.24bn for the same period in 2009, while sales rose 34 per cent in Carrefour's Latin American stores, and 21 per cent across Asia.
Overall revenue in Europe, not counting France, fell by 2.9 per cent, owing largely to a restructuring of Belgian operations, and a tough economic climate in Spain.
Carrefour bought or opened 293 new stores in the quarter to June, and in the first half of the year revenues rose by 5.9 per cent on 2009 levels to €48.9bn ($US62.96bn).
'In a contrasted environment, we posted solid sales in the first half, with continued market-share gains in France, strong growth in Latin America and faster growth in Asia,' said Mr Olofsson. 'In Belgium, we reached an agreement with our partners allowing us to start anew on an improved and stronger footing.
'We are also consolidating our positions in growth markets through acquisitions of hypermarkets in China and of supermarkets in Turkey,' he added. 'With its First Half performance, flawless execution of the Transformation Plan and the Executive Board team now in place, Carrefour is building on its momentum to achieve its 2010 objectives.'
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