Price cuts and revamped product ranges helped Carrefour deliver an improved fourth-quarter performance in its core French market, reassuring investors about new boss Georges Plassat’s ability to revive Europe’s largest retailer.
The French group is battling to reverse years of underperformance in Europe, where its hypermarkets have been hit by trends toward local and online shopping.
Carrefour said yesterday sales in China also improved, while Brazil, its biggest market after France, saw robust growth. However sales in austerity-hit southern Europe remained under pressure.
The world’s second biggest retailer after Wal-mart said it was comfortable with analysts’ current median forecast for 2012 recurring operating income, which stands at around €2.07 billion. – (Reuters)
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