Carrefour reported a 6.3% increase in sales for 2008
Carrefour reported a 6.3% increase in sales to EUR97.6 billion (USD142.75 billion) on constant exchange rates for 2008. This was below Carrefour’s revised target of 6.5%. In France, EUR42.49 billion (USD62.17 billion) in sales showed total sales growth of 1%. Supermarkets were a main contributor to growth, providing 3.7% increase in like-for like sales. Some 4.9% of growth was attributed to ‘other’ which primarily includes its neighbourhood stores. Hypermarkets experienced negative like-for-like sales of 1.2% over the year. Hard discount format registered like-for-like sales of only 0.2% over the year.
Two of the company's three other major markets in Europe, excluding France, accounted for sales of EUR36.08 billion (USD52.79 billion). Italy and Belgium generated negative like-for-like sales of 1.9% and 2.8% respectively. Spain registered like-for-like sales of only 1.3% in 2008.
In 2008 Latin America presented like-for-like sales growth of 12.7%, generating, EUR12.2 billion (USD17.95 billion). Argentina was Carrefour’s most successful market, reporting like-for-like growth of 32.3% Asia's full year like-for-like sales growth of 1.9%. This was fuelled by Carrefour's largest local market, China, with 4.4% growth, but was hampered by a negative (2.9%) performance in Taiwan. The region generated sales of EUR6.72 billion (USD9.83 billion).
The retailer has cut sales and profit targets twice in the past fiscal year confirmed its revised 2008 objectives: an operating free cash flow of EUR1.5 billion (USD2.2 billion), activity contribution is expected to record slight growth compared to 2007.
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