French retail giant Carrefour is to initiate an aggressive price-cutting campaign and aims to make its own-label range of value groceries the cheapest products available in a number of core European markets.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
CEO Daniel Bernard said the rollback programme was being undertaken in order to achieve a reduction in net debt of up to €500m (US$577m), reported Dow Jones Newswires. Bernard told delegates at a conference in Madrid that the company was intent on building up its reputation as a supplier of discounted products and sensibly priced key items.
This year’s price rollback will be implemented in supermarkets and hypermarkets in all European countries in which Carrefour operates, with a key focus on Spain, France, Belgium, Italy, Greece and Poland.
Bernard told delegates Carrefour is still targeting a cut in net debt of €200-500m to this year.
Carrefour’s full-year financial targets are a 5%-plus increase in revenue from last year’s €68.73b on a constant currency basis, and double-digit growth in net earnings per share, before and after goodwill, the article added.
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 GlobalData
