Carrefour sales stagnant but food spending 'resilient' in Q1
Retail chain Carrefour has recorded a slight rise in sales in the first quarter despite poor performance in Europe, driven by growth in some emerging markets.
The company reported a 1.5% rise to €22.5 billion (US$29.7 billion) in sales for the quarter, with 'resilience in food' but continued weakness in non-food spending.
The comapany said a 0.5% ex-petrol sales dip in France reflected the anticipated short-term effects of a new commercial mix, while non-French European sales dropped by 2.7%, mainly due to lower performance in Southern Europe.
France accounted for €9.355 billion (US$12.366 billion) in sales while sales in the rest of Europe were €6.179 billion (US$8.148 billion).
Sales in Latin America grew by 9.3% to €4.421 billion (US$5.830 billion), driven mainly by strong performance in Brazil's hypermarkets. Argentina also showed growth, while the relatively smaller Colombian operations registered a slight fall in sales.
Asian sales fell by 0.3% to €2.535 billion (US$3.343 billion), with drops recorded in mainland China (-1.5%), but rises registered in Taiwan (0.3%) and Indonesia (6.9%).