Carrefour profit exceeded own forecasts

Noam Stiekema

The attempts of Carrefour for restructuring of its European business are giving good results and the volume of sales reported growth of operating profit and annual financial results as a whole. Carrefour shares rose 2% after the announcement of the 2014 financial report. The operating profit even exceed the own forecasts, dating from March last […]

Carrefour

CarrefourThe attempts of Carrefour for restructuring of its European business are giving good results and the volume of sales reported growth of operating profit and annual financial results as a whole. Carrefour shares rose 2% after the announcement of the 2014 financial report. The operating profit even exceed the own forecasts, dating from March last year and reaffirmed last month despite expectations for unfavorable currency changes. According to the final report for 2014 the operating profit amounted to 2.39 billion EUR.

There are signs of improvement in the French business, which forms almost half of group sales and which fights to win back customers tempted by online retailers and local shopping destinations. In France, the company’s revenue decreased by minimum 0.3% yoy to 35.34 billion EUR, while operating profit grew by 6.1% to 1.27 billion EUR.

These results prompted the group to increase capital expenditure in 2015, to spend up to 2.6 billion EUR for the renovation of its stores, as well as those purchased by French retailer reduced goods Dia, and to increase the annual dividend.

However, the picture is different in emerging markets, where Carrefour operates. The operating profit in Argentina and Brazil jumped 23.2%, although total revenues of the company’s operations in Latin America grew only by 0.8% to 13.89 billion EUR. The “middle of frugal consumption” in China support the presentation of division emerging markets. The operating profit increased by 14.9% per year.

Overall the Paris-based retailer reported sales revenues excluding VAT and excise duties for 74.7 billion EUR which is a decrease of 0.2% yoy. The net profit increased by 0.2% to 1.37 billion EUR.

Earlier this year, Carrefour appoint two deputies to the CEO Georges layer, as he is recovering from surgery. The group reported that layer will return before the end of April.

Carrefour offers an annual dividend to its shareholders at the rate of 0.68 EUR per share after paid 46% of net profit. This is more than in the distributed 2013 dividend of 0.62 EUR per share.

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