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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Carrefour    CA   FR0000120172

CARREFOUR (CA)

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CARREFOUR : 1Q Sales Rise On Calendar Effect, Petrol Prices

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04/12/2012 | 08:12am CEST

French retail giant Carrefour SA (CA.FR) Thursday reported a 1.5% rise in first-quarter sales, as higher petrol prices and a positive calendar effect offset continued weak consumption in France and Southern Europe.

Carrefour, the world's No. 2 retailer by sales, after U.S.-based Wal-Mart Stores Inc. (WMT), said sales for the first three months of the year rose to EUR22.5 billion, from EUR22.15 billion a year earlier, on a pro-forma basis that takes into account the spinoff of the Dia discount chain last summer.

The performance is in line with analysts' expectations of EUR22.45 billion.

Carrefour's Chairman and Chief Executive Lars Olofsson, who will step down in June, said sales in the first quarter rose thanks to "continued growth in emerging markets". Sales in Southern Europe were impacted by lower non-food spending, while sales in Latin America had a "satisfying performance".

In France, the company's most important market in which it generates more than 40% of annual revenue, sales rose 0.8% to EUR9.36 billion, helped by petrol price inflation, an extra day of business in January and the leap year effect in February. Excluding fuel, sales in France in the first quarter fell 0.5% compared with the same period in 2011.

Sales in Brazil, at a constant foreign exchange rate and excluding petrol sales, rose 8.2% to EUR3.17 billion. Sales in China were down 1.5% at a constant foreign exchange rate at EUR1.66 billion.

After issuing several profit warnings last year, the company has given no guidance for earnings in 2012, saying only that it plans "minimum cost savings of EUR400 million" and tight control of capital expenditure.

Olofsson will hand over to Georges Plassat--the company's third boss in four years--who will shoulder the responsibility of turning around the struggling retail giant.

-By Nadya Masidlover and Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; [email protected]

Order free Annual Report for Carrefour SA

Visit http://djnweurope.ar.wilink.com/?ticker=FR0000120172 or call +44 (0)208 391 6028

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Financials (€)
Sales 2017 80 551 M
EBIT 2017 2 530 M
Net income 2017 1 150 M
Debt 2017 4 586 M
Yield 2017 3,34%
P/E ratio 2017 14,59
P/E ratio 2018 13,04
EV / Sales 2017 0,27x
EV / Sales 2018 0,26x
Capitalization 17 469 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 25,7 €
Spread / Average Target 11%
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Managers
NameTitle
Georges Plassat Chairman & Chief Executive Officer
Pierre-Jean Jérome Sivignon Chief Financial Officer & Deputy CEO
Nicolas Bazire Non-Independent Director
Jean-Laurent Bonnafé Independent Director
Thierry Breton Independent Director
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