×
316
Fashion Jobs
TIME TECHNOPLAST
Area Sales Manager
Permanent · Andheri
LIFE TURN MANAGEMENT CONSULTANT
sr. Manager Production - Sricity, Tada - Mnc Company - Engineering Ind
Permanent · Tada
MCKENZIE
Hiring For Retail Store Merchandiser / Manager
Permanent · Chennai
V2B GLOBAL CONSULTANTS
sr Technician Apparel -Buying Office
Permanent · Gurugram
MANPOWERGROUP SERVICES INDIA
Opening || Horeca Sales Manager || Kolkata
Permanent · Kolkata
ADIDAS
Senior Product Owner - Machine Learning & ai
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant - Omnichannel
Permanent · GURUGRAM
PUMA
Manager- Warehouse (B2C)
Permanent · Bengaluru
HARMAN FINOCHEM
sr. Manager- Api Production For Srp With Leading Pharma @ Aubad
Permanent · Aurangabad
PNB HOUSING
Area Sales Manager
Permanent · Thane
PNB HOUSING
Area Sales Manager
Permanent · Pune
JM FINANCIAL HOME LOANS LTD
Area Sales Manager - Home Loans
Permanent · Chennai
DANIEL WELLINGTON
IT Support Specialist
Permanent · MUMBAI
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Karaikal
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Thiruvarur
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Tirunelveli
AVANTOR
Area Sales Manager- Lab Consumables
Permanent · Pune
ADIDAS
Manager Brand Activation Originals
Permanent · GURUGRAM
ZACH LIFESTYLE PVT. LTD.
Manager - Content & Social Media
Permanent · MUMBAI
NEW ALFA INTERNATIONAL
Foundry Production Manager
Permanent · Dubai
MEDCIS PATHLABS
Medcis Pathlabs is Hiring For Pathology Area Sales Manager
Permanent · Visakhapatnam
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-b.Tech Fresher-German Mnc -Immediate Joining
Permanent · Bhubaneswar
By
Reuters
Published
Jul 31, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Carrefour says to slow down Argentine investment

By
Reuters
Published
Jul 31, 2014

PARIS, France - Carrefour, the world's second-largest retailer which reported higher first-half profits on Thursday, said it will slow down investment in Argentina in response to the country's second debt default in 13 years.

Chief Executive Georges Plassat said the impact of the debt default would be manageable for the retailer as it relies on the country for only 3 percent of group sales and 2 percent of operating profits.


Argentina defaulted on its debts earlier on Thursday after hopes for a midnight deal with creditors were dashed.

Shares in Carrefour slid 3.5 percent to 26.17 euros by 0659 ET.

"Argentina weighs on the stock although the group's exposure to the country is limited," said a Paris-based trader.

Carrefour reported higher first-half profits in its core French business and in Brazil and Argentina. First-half recurring operating profit rose 13.8 percent to 833 million euros ($1.12 billion), while first half adjusted net income rose 16.7 percent at current foreign exchange rates to 274 million euros.

The retailer is battling to reverse years of underperformance in Europe, where it makes 73 percent of its sales. Its problems are partly due to a reliance on the hypermarket format it pioneered, as customers turn to local and online shopping.

Plassat has lowered costs, revamped stores, cut prices, simplified product offerings and given more autonomy to store managers, starting in France. The first-half increase in recurring operating profit was driven by growth of 7.8 percent in Carrefour's core French market and 19.2 percent in emerging markets, with particularly strong performance in Brazil and Argentina.

Carrefour is the second-largest operator in the Brazilian food retail market, behind leader Grupo Pao de Acucar (GPA), controlled by Carrefour's arch-rival Casino, and just ahead of world number one retailer U.S. group Wal-Mart.

Carrefour, which has said it would spend more cash this year to revive its European hypermarkets and expand further in both emerging markets of China and Brazil, said its gross cash flow rose 1.9 percent excluding exceptionals to 1.3 billion euros.

Chief Financial Officer Pierre-Jean Sivignon said earlier in July that the analysts' consensus forecast for an operating profit of about 2.38 billion euros this year was "reasonable". That would be a 6.3 percent rise on 2013.

1 US dollar = 0.7465 euro

© Thomson Reuters 2023 All rights reserved.

Tags :
Retail