French retail giant Carrefour has booked an increase in first-half profits, boosted by a strong rebound in profitability at its domestic business.
First-half recurring operating profit rose 4.9% to EUR766m (US$1bn), the company said in a financial update today (29 August).
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Gains were driven by a 75.4% leap in operating profit in France, which rose to EUR482m. Carrefour generates around 40% of sales in France, but the company has struggled with its price perception and reliance on hypermarket sales in the market.
Net income rose to EUR902m compared to the EUR3m recorded in the first-half of 2012. The bottom line was boosted by lower losses from discontinued operations. Net income from recurring operations also was “significantly” up, the company added, rising to EUR519m.
Carrefour said that sales at constant exchange rates rose 1.4% in the period, climbing to EUR36.46bn. Including the impact of foreign exchange sales dipped 0.8%, the French retailer added.
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Carrefour shares were up 3.88% at 14.45 (BST), as investors responded positively to the company’s improved French showing.
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