Archive for August 31st, 2010
Carrefour revives positive accounts. In late June, the retailer announced that it achieved a profit of 67 million euros. Last year at the same time, the result was in the red to the tune of 48 million.
Good performance on the Paris Bourse
For Natixis, these results are no surprise. Same thing for CM-CIC said in his note published Tuesday that operating profit is consistent with the guidance provided in mid-July. Finally, analysts of U.S. bank Citigroup raised their recommendation on the title of French retail group Carrefour to "buy" cons "hold" before.So, Carrefour shares, which are the only ACC 40 to move in the green, gaining 1.07% to 36.49 euros in a market down 1.14%.
Operating income before non-recurring items amounted to 1.096 billion euros, up 7.6%, SPECIFYas release, is better than the expectations of analysts who had forecast a rise of 4% at 1, 05 billion euros.
Carrefour has confirmed its objectives for 2010, aiming an operating profit before non-recurring items of around 3.1 billion euros.Crossroads show in a still difficult solid growth in sales and operating profit before non-recurring items and we are on track to achieve the objectives set as part of our transformation plan, "said Chief Financial Officer Group Pierre Bouchut, during a conference call.
Continuing trend in emerging
We're quite pleased with the sales in July, a little disappointed by sales cons of August, "said Pierre Bouchut yet."The trend in emerging markets remains strong." In the second quarter, Carrefour has benefited from the dynamism of emerging economies to reach a turnover exceeding expectations, nearly 25 billion euros, up 6.3% offsetting a contraction in sales in Europe, mainly France, Belgium, Spain and Italy, as well as in other countries of southern Europe such as Greece and Romania.
The group, which seeks to save 4.5 billion euros over three years to improve its margins, said he also cut costs by 236 million euros in the first half of the year, a target of 500 million for all 2010.
Asked about the Asian assets of the group, Pierre Bouchut has refused to comment on reports about a possible sale of assets Malaysian, Thai and Singaporean group."We do not comment on such rumors," has said the CFO. "Our goal is to build on certain markets and over time, without doubt, take the decision to abandon certain other markets."
According to several sources, Carrefour tries to sell its assets in Malaysia, Thailand and Singapore to focus its efforts on China and India. This could generate some 800 million euros in the French distributor. PTT, Thailand first group in the energy sector, has already expressed interest in taking over the assets in Thailand.
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