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January 20, 2012

FRANCE: Carrefour franchisee Guyenne et Gascogne sees sales worsen in Q4

Carrefour franchisee Guyenne et Gascogne has reported a slide in sales in the fourth quarter of 2011.

By Dean Best

Carrefour franchisee Guyenne et Gascogne has reported a slide in sales in the fourth quarter of 2011.

Guyenne et Gascogne, which operates Carrefour stores in France and part owns a stake in the retail giant’s Spanish operations, is subject to a takeover bid from the world’s second-largest retailer. Carrefour tabled a bid for Guyenne et Gascogne in December, which the franchisee’s board has recommended. The offer will open to shareholders in the first quarter of the year.

Yesterday (19 January), Guyenne et Gascogne filed a 3.6% fall in fourth-quarter sales to EUR114.5m (US$147.9m). The company pointed to a “further contraction” in non-food sales but said grocery consumption was “satisfactory”.

Sales from Sogara, a venture between Guyenne et Gascogne that separately operates 13 Carrefour hypermarkets in the south-west of France, dropped 7% to EUR360.5m.

Centros Comerciales Carrefour, the Spanish operations of Carrefour, in which the Sogara venture owns an 8.2% stake, reported a 7.5% fall in hypermarket sales to EUR2.07bn. Supermarket sales increased 0.4% to EUR181m.

The fourth-quarter sales trends were worse than the year as a whole for the franchisee. Guyenne et Gascogne’s annual sales fell 1.1% to EUR451.6m. Sogara sales dropped 4.5% to EUR1.3bn. Centros Comericales Carrefour’s hypermarket sales decreased 5.4% in 2011, although its supermarket sales rose 4.3% to EUR732m.

Guyenne et Gascogne will reports its full annual financial results on 21 March.

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