Carrefour said Tuesday first-half results in line with its forecasts and affirmed its guidance for full year 2010 thanks to the dynamism of emerging countries, while expressing disappointment in the August sales in Europe.
The number two worldwide in distribution, after Wal-Mart, has however revealed nothing about his intentions regarding a possible sale of its assets in Malaysia, Thailand and Singapore, raised in recent weeks by the press.
For the first six months of the year, Carrefour posted a net operating (ROC) up 7.6% to 1.096 billion euros, according to the forecast raised mid-July.The group at the same time reiterated that he was an ordinary profit of 3.1 billion for 2010.
"We're quite pleased with the sales in July, a little disappointed by sales cons of August," said Pierre Bouchut, the group finance director of distribution, during a conference call about Europe.
"The trend in emerging markets remains strong," he added.
Around 12:15, the action at Carrefour gave up 1.59% 35.5350 euros after being the only value increase in the CAC 40 by midmorning.
Since the beginning of the year, won the title by 6% but underperformed the sector index Stoxx 600 supermarkets (+7.9%).
"Although the figures are in line with expectations, the comments from CFO on summer sales in Europe cast a shadow on the table," said Caroline Gulliver, analyst at Execution Noble.
SPECIAL CHARGE ON BRAZIL
In the first half, Carrefour has benefited from the dynamism of emerging economies to reach a turnover up 6% to 41.3 billion euros, offsetting a decline in European sales.
Its revenues have indeed declined by 0.4% in France and 3.1% in the rest of Europe.At constant exchange rates, they climb 16% in Latin America and 8.9% in Asia.
Christian Devismes, analyst at CM CIC Securities, notes however that the group spent an exceptional charge of EUR 69 million for Brazil, which explains his view "the disappointing operating results in the area of South America ' .
Carrefour, which seeks to save 4.5 billion euros over three years to improve its margins, reduced costs by 236 million euros in the first half of the year, a target of 500 million euros for whole of 2010.
According to several sources, Carrefour seek to divest its assets in Malaysia, Thailand and Singapore to focus its efforts on China and India.Such sales could bring him some 800 million euros in total.
"We do not comment on such rumors," responded Pierre Bouchut.'Our goal is to build on certain markets and, over time, probably, to take the decision to abandon certain other markets. "
"At what point will we take this decision? Will we really?" Everything remains open, "said chief financial officer.
FOCUS ON THE "CROSSROADS PLANET"
PTT, Thailand first group in the energy sector, has already expressed interest in taking over the assets of French in Thailand.
Engaged in a redesign of its hypermarkets in Europe around the concept of "Crossroads Planet launched in late August, the retailer was" very pleased "with progress in this program.
"The focus is now on the new superstore concept launched last week in France," said analyst Execution Noble. "This new format is essential for recovery because it represents more than 50% of sales (Carrefour, Ed) in France.
On 16 September, at the Investor Day to be held in Lyon, Carrefour will detail the strategy of concept "Carrefour Planet" and the objectives it has set.
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