Carrefour sees profits rise in the first half of 2018

By Bruno Reis

The French retail company, Carrefour, announced a 5.8% rise in its operating profits from the first half of 2018.

Operating profits from the first six months to June hit €597mn (US$694.2mn) – higher than the €523mn ($608.14) that had been forecast by Inquiry Financial for Reuters.

The increase in profit is anticipated to be connected to the firm’s €520mn ($604.7mn) savings as part of its recent strategy, as well as strong sales in Brazil, Reuters revealed.

The largest retailer in Europe announced its five-year plan in January, which involved cutting costs and jobs.

By 2022, Carrefour aims to increase E-commerce investment and develop a partnership with Tencent, the Chinese technology firm, to compete with US online retail giants and boost sales.

SEE ALSO:

The company also plans to focus on convenience stores and selling organic products from private labels to reduce its dependence on hypermarkets.

“The first half was a major step forward and a sign Carrefour has changed. Our execution was well in-line with our targets,” stated Alexandre Bompard, CEO of Carrefour.

“The fast start of the Carrefour 2022 plan reinforces our confidence in Carrefour’s ability to transform itself rapidly and in depth.”

“We confirm the targets we have set ourselves for 2020 and 2022.”

Bompard also noted that savings would accelerate once gains had returned from job cuts in its home country.

Share

Featured Articles

Abu Dhabi Airports prepares for Terminal A opening

A decade in the making, Abu Dhabi International Airport welcomes 6,000 volunteers to test operational readiness of stunning new Terminal A building

Business Chief expands portfolio with new look and coverage

Business Chief Middle East & Africa launches with fresh new look and extended coverage of the region, with exclusive executive interviews and insights

How Octopus Energy grew to become an industry giant

Octopus Energy continues to grow after a deal was agreed to acquire Shell Energy in the UK and Germany, taking its customer base to almost seven million

Perkbox CEO: How to support employees through tough times

Human Capital

How Middle East is embracing the future of digital finance

Corporate Finance

UAE Lulu Group shifts business for global growth and IPO

Corporate Finance