French retailer Carrefour insisted revenue gains “accelerated” throughout 2013 despite a drop in total sales due to currency exchange.
In a sales update this morning (16 January), Carrefour said organic revenue grew by 2.5%. However, currency exchange weighed on the group result, which meant total sales declined 1.2% to EUR84.3bn (US$114bn) in the fiscal.
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The company said it saw a “rebound” in France – pointing to sales gains across all formats resulting in a 1.3% rise in revenue. The group also witnessed “continued momentum” in its international activities, with growth of 3.5% boosted by gains of 12.6% in Latin America excluding foreign exchange.
The company emphasised the performance of its European operations improved during the fourth quarter, with a return to growth in Spain where economic conditions had hit sales earlier in the year.
Carrefour said it was “comfortable” it will hit market expectations for earnings. Consensus reoccurring income expectations stand at EUR2.19bn.
Click here for the sales release from Carrefour.
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By GlobalDataClick here for just-food’s analysis of the results, with a focus on the slowdown at Carrefour’s domestic hypermarkets.
