Carrefour growth accelerates in Q1 | Progresiv
Carrefour has reported improved revenue growth in its fiscal first quarter, a sign that its transformation plan is bearing fruit. 
For the quarter, reported sales were down 3% to 20.02 billion euros, but they edged up 0.5% on a constant-currency basis and by 2.7% on a like-for-like basis. The LFL figure was particularly significant, as it followed a 1.9% rise in the fourth quarter of fiscal 2018.
Sales in Carrefour’s home market declined by 3.3% to 9.03 billion euros, but grew by 1% on a LFL basis, helped by improved food sales (LFL +2%) which offset continued weakness in non-food sales (LFL -5.4%).
Meanwhile, sales in Latin America were down 2.5% to 3.88 billion euros, but jumped up 15.6% on a constant-currency basis and 14.5% on a LFL basis. This growth was by strong results in Brazil and Argentina, which reported volume acceleration.
Sales across the Rest of Europe were also down 3.3% to 5.36 billion euros, with LFL sales declining by 1.5%. The results were hurt by continued weakness in markets such as Spain and Italy, although the group did see some growth in Eastern Europe.
Sales in Asia slipped by 1.5% to 1.74 billion euros, and were down 3.5% on a constant-currency basis and 3.4% on a LFL basis. However, Carrefour said its results in China were “slightly better” than last year, helped by e-commerce growth.
Carrefour said it will push ahead with its 2022 transformation strategy, rolling out new initiatives in 2019. (www.kamcity.com)
