New Carrefour CEO Georges Plassat took to the stage this week at the firm’s AGM, where he informed attendees of the tough task ahead to revive the ailing group. Analysts also commented on the firm’s “chronic” challenges in southern Europe including Spain and Italy. Danone also this week indicated its decision to “fight” for market share in southern Europe – and in Spain in particular. Elsewhere, ConAgra Foods CEO Gary Rodkin defended the firm’s decision to increase prices on certain products, while India’s Britannia Industries explained its decision to investigate ten employees over corupt practices.
“Have no illusions, there will be headwinds … I cannot commit to short-term promises. It will take three years to relaunch the engine. You need three years to achieve anything that is solid” – Carrefour CEO Georges Plassat on plans to turn around the business
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“Arla will be able to benefit right away from Mengniu’s strong nationwide distribution network, which is something that can take companies years to build up” – James Roy, senior analyst at China Market Research Group on Arla’s deal to become a shareholder in Mengniu
“With value-oriented consumers being hit the hardest in this economy, there was volume decline as a result of this pricing, but the increase was the right thing to do to address inflation and keep Banquet profits healthy” – ConAgra Foods CEO Gary Rodkin defends the US company’s decision to increase prices on certain products
“This partnership with Biostime, a leading player in China’s premium infant nutrition market, clearly reinforces our confidence in the long-term development of the Chinese premium infant formula market” – Jens Jorgen Hjortshoj, vice president of Arla’s B2B nutrition business unit on the firm’s supply deal with Biosteme
“The brief is not to create a new end line. We believe that Every Little Helps reflects much that we hold dear” – a Tesco spokesperson dismisses reports it is looking to replace its strapline
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By GlobalData“We have come across instances of certain practices and behaviour which are in violation of our code of business conduct, which clearly spells out the ethical standards of behaviour from all Britannia employees at all times” – A spokesperson for Britannia Industries explains an investigating into the conduct of ten of its employees
“Spain is an important market for us. It is a market where we have the intention to fight” – Danone CEO Pierre-Andre Terisse emphasises the group’s confidence in Spain
“I don’t think strategically they are looking to become a bigger player in Italy, they have this production facility available in Italy and they are probably thinking ‘how can we transfer that technology and production process and bring it to the US on a larger scale’?” – BMO Capital Markets analyst Amit Sharma does not believe Ralcorp will look to become a “sizeable” player in the European private-label space through its acquisition of Gelit
“The truth is this meeting was cancelled in the early hours of the morning it was due to take place. Nothing should be read into this. No doubt many more meetings lie ahead” – A spokesman for Doux “strongly” denied reports founder Charles Doux and his son, Jean-Charles Doux, joint CEO, had snubbed a meeting earlier this week with banks, creditors and the judicial administrator and government officials
“They’ve got a major presence in Spain and a considerable presence in Italy. Those economies face chronic challenges and Carrefour is therefore a victim of that” – Shore Capital analyst Clive Black on Carrefour’s challenges
