A customer pushes her shopping trolley in front of a Carrefour Hypermarket store in Saint-Herblain near Nantes, France January 15, 2021. REUTERS/Stephane Mahe GLOBAL BUSINESS WEEK AHEAD
Register now for FREE unlimited access to Reuters.com
PARIS, April 20 (Reuters) – Carrefour (CARR.PA) said on Wednesday it was confident it would achieve the strategic goals set under its turnaround plan after its sales growth accelerated in the first quarter, thanks notably to strong growth in Brazil.
Europe’s largest food retailer reiterated a target to generate free cash flow above 1 billion euros ($1.1 billion) in 2022 and with cost inflation accelerating, said it now aimed for more than 900 million euros in cost savings this year.
Carrefour also said that having achieved 400 million euros on the 750 million euros share buyback programme it announced in February, it would launch the second tranche in the coming days.
Register now for FREE unlimited access to Reuters.com
Cash is key to the French food retailer’s plans to step up its digital commerce expansion without the extra financial resources that would have been on hand if two planned tie-ups last year had not failed – one with Canada’s Couche-Tard and one with France’s Auchan (AUCH.UL) read more
Carrefour reported that its first quarter sales reached 20.239 billion euros ($22 billion), marking like-for-like growth of 3.4%, driven by solid growth in Brazil and Spain while in the core French market sales were flat.
This was an acceleration from 0.7% sales growth for the group in the fourth quarter 2021.
Carrefour is in the last leg of a five-year plan begun in January 2018 to cut costs and boost e-commerce investment to improve profit and sales, as it battles online rivals such as Amazon (AMZN.O) and discounters like Lidl and unlisted Leclerc.
Chairman and CEO Alexandre Bompard, whom Carrefour reappointed in May 2021 for another three years, is working on a new strategic plan and an asset review as part of the process.
Carrefour shares have gained 27% so far this year, but still trade 7% below their level when Bompard took over in July 2017.
($1 = 0.9212 euros)
Register now for FREE unlimited access to Reuters.com
Reporting by Dominique Vidalon; Editing by David Evans and Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.
Carrefour upbeat on turnaround after Brazil bolsters sales & More Brazil Latest News Update
Carrefour upbeat on turnaround after Brazil bolsters sales & More Brazil Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Carrefour upbeat on turnaround after Brazil bolsters sales & More Brazil Trending News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information breaking news today of this news, you can get other types of news along with your country and city. You will be able to get information related to, as well as you will be able to get information about what is going on around you through us for free
so that you can make yourself a knowledgeable by getting complete information about your country and state and information about news. Whatever is being given through us, I have tried to bring it to you through other websites, which you may like
very much and if you like all this news, then definitely around you. Along with the people of India, keep sharing such news necessary to your loved ones, let all the news influence them and they can move forward two steps further.
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links