French retailer Carrefour said today (14 April) its first-quarter sales have been largely driven by its operations in Latin America and Asia, helping to offset a “difficult” trading environment in Europe.
The retailer today said that overall sales were up 3.9% at current exchange rates to reach EUR24.6bn (US$35.6bn). Carrefour’s sales, however, rose 0.8% on a like-for-like basis.
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Carrefour’s like-for-like sales were up 1.8% in its emerging markets. Like-for-likes in France, meanwhile, were down 0.9% and fell 4% in western Europe where the retailer said it faced a “tough quarter.
Sales from Carrefour’s Dia division, which the retailer is planning to spin off, were up 0.3% on a like-for-like basis to reach EUR2.5bn.
In its emerging markets, the retailer said that sales were up with “solid growth” in Latin America, where sales rose 11.6%. In Asia, sales grew 7.8%.
Carrefour said that at its French hypermarkets, which have struggled over recent quarters, like-for-like sales were down 1% excluding petrol. Its Carrefour Market banner reported 1.4% like-for-like sales growth.

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By GlobalDataIn the hypermarkets that Carrefour has converted to its Carrefour Planet format, the retailer said it had seen sales grow on average by 6.2% since opening the six stores, as well as a 9.9% traffic increase in its four final model stores. It plans to have some 92 Carrefour Planet stores before the end of 2011.
In western Europe, Carrefour said it recorded an improved performance in Belgium, notably in its hypermarkets. In Spain, food sales in its hypermarkets were up 1% on a like-for-like basis – “a first since 2008”. Meanwhile, in Italy, the retailer said it faced “difficult trading overall” and that it is undertaking price repositioning.
“Carrefour recorded solid sales growth in Q1 2011, confirming the momentum observed in 2010. This growth in sales was largely driven by Latin America and Asia, notably Brazil and China. In Europe, while the trading environment remained difficult, we saw encouraging signs in our Carrefour-branded convenience stores in France as well as continued improvement in Belgium and in Spain,” said CEO Lars Olofsson.