French retail giant Carrefour has booked an increase in first-half sales, driven by growth in emerging markets, notably in Latin America.
Growth in Latin America and Asia boosted sales for Carrefour in the six-month period as group sales climbed by 0.9% to EUR43.68bn (US$53.4bn).
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This growth, however, failed to stem a decline in the retailer’s domestic business, which saw sales drop 0.7% to EUR19.01bn, supported by improving food sales but impacted by a fall in non-food sales. Like-for-like sales in the period, however, edged up 0.3%.
In Europe, sales were down 2.6% at EUR11.42bn, impacted by a “depressed” consumption environment in southern Europe, while like-for-like sales slid 2.6%.
Meanwhile, in Latin America sales climbed 5.3% to EUR8.7bn where the firm’s Atacadao banner in Brazil saw continued growth. Like-for-like sales were up 6.8%.
Carrefour saw sales in Asia increase 9.4% to EUR4.55bn, with growth in China driven by expansion. Like-for-like sales, however, were down 3.4%.
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By GlobalDataLast month, new chief executive Georges Plassat warned it would take around three years to turn the company around as it looks to focus on reducing debt and overhead costs as well as exiting non-core markets.
Click here for coverage of Carrefour’s conference call with analysts on its second-quarter sales.
