French retail giant Carrefour has reported almost flat first-quarter sales as currency effects offset its internal growth.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The supermarket giant said turnover in the first three months of the year dropped 0.4% to €18.28bn (US$19.66bn). At constant exchange rates, however, sales rose 6.0%, reported Reuters. Carrefour said currency effects knocked 6.4% off its sales growth.
Analysts had forecast sales growth of between 3.8% and 5.8% on an internal basis and a drop of between 1% and 2.4% on a reported basis.
Carrefour, which is the world’s second-largest retailer after US-based Wal-Mart, reaffirmed its growth and earnings targets for 2003. The retailer’s full-year target for sales growth is at least 5% at constant currency rates. The company has forecast double-digit growth in 2003 earnings per share.
Sales growth in the first quarter was strongest in Latin America and Asia, 14.1% and 11.4% respectively at constant exchange rates, although both areas also suffered the worst impact from the strong value of the euro.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn Carrefour’s domestic market of France, sales rose 2.6% to €9.40bn.
The retailer said it opened three hypermarkets and 25 supermarkets in the first quarter, as well as 83 discount stores, 47 convenience stores and one cash and carry store.
