FRANCE: Ukraine charges hit Auchan 2009 profits
By: just-food.com | 14 April 2010
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Emerging markets buoyed Auchan's sales in 2009 |
France-based retail giant Auchan today (14 April) booked a 6% fall in underlying annual profits thanks to impairment charges linked to its Ukraine business, Furshet.
Auchan said its net profit from continuing operations came in at EUR696m (US$946.7m) for 2009, down 6.5% on 2008.
The retailer blamed "losses and impairment charges" recorded on its Furshet supermarkets in Ukraine.
"Without this non-recurring item, net profit from continuing operations would have been stable," Auchan said.
Nevertheless, Auchan's EBITDA rose 3.9% to EUR2.35bn thanks, in part, to "efficient cost control".
At constant exchange rates, turnover, excluding fuel, rose 3.7%. On a consolidated basis, revenues stood at EUR39.7bn, a rise of 0.5%.
Sales in Western Europe fell 2.8%. In Auchan's developing markets, including Eastern Europe and Asia, sales were up 12.9%.
Sectors: Emerging markets, Financials, Retail
Companies: Auchan
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