Carrefour franchisee Guyenne et Gascogne has reported a slide in sales in the fourth quarter of 2011.
Guyenne et Gascogne, which operates Carrefour stores in France and part owns a stake in the retail giant’s Spanish operations, is subject to a takeover bid from the world’s second-largest retailer. Carrefour tabled a bid for Guyenne et Gascogne in December, which the franchisee’s board has recommended. The offer will open to shareholders in the first quarter of the year.
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Yesterday (19 January), Guyenne et Gascogne filed a 3.6% fall in fourth-quarter sales to EUR114.5m (US$147.9m). The company pointed to a “further contraction” in non-food sales but said grocery consumption was “satisfactory”.
Sales from Sogara, a venture between Guyenne et Gascogne that separately operates 13 Carrefour hypermarkets in the south-west of France, dropped 7% to EUR360.5m.
Centros Comerciales Carrefour, the Spanish operations of Carrefour, in which the Sogara venture owns an 8.2% stake, reported a 7.5% fall in hypermarket sales to EUR2.07bn. Supermarket sales increased 0.4% to EUR181m.
The fourth-quarter sales trends were worse than the year as a whole for the franchisee. Guyenne et Gascogne’s annual sales fell 1.1% to EUR451.6m. Sogara sales dropped 4.5% to EUR1.3bn. Centros Comericales Carrefour’s hypermarket sales decreased 5.4% in 2011, although its supermarket sales rose 4.3% to EUR732m.
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By GlobalDataGuyenne et Gascogne will reports its full annual financial results on 21 March.
