Carrefour confirms its 2010 targets
Posted by admin | Under advertising, calculation, facts, occupation, work Tuesday Aug 31, 2010Carrefour, which announced results in line with its forecasts in the first half, on Tuesday confirmed its guidance for full year 2010 thanks to the dynamism in emerging countries, while expressing disappointment in the sales of July .
The number two worldwide in distribution, after Wal-Mart, reported a net profit of 82 million for the first six months of the year against a loss a year earlier.
Its operating profit stood at 1.096 billion euros over the period, according to the prediction of Carrefour in mid-July.
The group at the same time reiterated that it was an ordinary profit of 3.1 billion for all 2010.
"We are on track to achieve our 2010 targets," said Lars Olofsson, Executive Director of Carrefour, at a conference presentation of results.
"We're quite pleased with the sales in July, a little disappointed by sales cons of August, for his part said Pierre Bouchut, the group finance director of distribution, during a conference call. "The trend in emerging markets remains strong."
Around 9:50, after having opened down nearly 2%, the action Carrefour did not yield more than 0.3% to 36.00 euros.She is spending time in positive territory for the sole and increasing value within the CAC 40 index.
Since the beginning of the year, the title was up over 7%.
"The first half is in line with forecasts of July 15, 2010 target is unchanged and our point of view, (Crossroads, Ed) is a title" on hold "with a value greater than in the rest of the industry "said Justin Scarborough, analyst at Royal Bank of Scotland.
NO COMMENTS ON THE ASIAN ASSETS
Over the half, Carrefour has benefited from the dynamism of emerging economies to reach a turnover up 6% to 41.3 billion euros, 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 or Romania.
Sales fell 0.4% in France and 3.1% in the rest of Europe. At constant exchange rates, they climbed 16% in Latin America and 8.9% in Asia.
The group, which seeks to save 4.5 billion euros over three years to improve its margins, also points to have reduced its costs by 236 million euros in the first half of the year, a target of 500 million euro per 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," said the CFO.'Our goal is to build on certain markets and, over time, probably, to take the decision to abandon certain other markets. "
"At what point will we take this decision? Will we really?" Everything remains open, "he added.
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.