Carrefour, the world’s second-largest retailer, today (29 August) reaffirmed its full-year outlook after emerging markets boosted its first-half performance.
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Net profit for the six months to the end of June increased by 1.2% to EUR750m (US$1.1bn), up from EUR741m posted in the first half of last year.
Sales rose 8% to EUR41.94bn, the French retail giant revealed.
Sales gains were driven by emerging markets, with sales in Latin America up 41.8% and sales in Asia up 8%.
In Carrefour’s home market of France, which accounts for 40% of total sales, revenue rose only 1.2% during the half. In order to drive sales in France, Carrefour announced a large-scale price promotion earlier this week.
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By GlobalData“The group has robust fundamentals, with a business model focused primarily on food, a balanced portfolio of formats, leading positions in the countries where it operates and a sound balance sheet,” CEO José Luis Duran said in a statement.
“In an uncertain and challenging environment, the implementation of the operational action plan we announced in July makes me confident that we will achieve our 2008 objectives.”
Carrefour has previously stated that it anticipates full-year sales growth of 7% at constant exchange rates.
