Carrefour 2010 net income grows 11.3 percent

08:21, March 04, 2011      

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Carrefour, the world's second leading retail chain, saw its net income rise 11.3 percent in 2010 compared to 2009 on the back of growing sales in Latin America and Asia.

Carrefour's net income in 2010 was at 382 million euros (529.78 million U.S. dollars) against 343 million euros (475.46 million U.S. dollars) reported a year earlier, the company reported Thursday.

Sales in Latin America surged 31.3 percent to 13.91 billion euros (19.29 billion U.S. dollars) offsetting a weak performance in Europe where purchases dropped 1.8 percent due to "challenging economic environment and price deflation."

An economic boom in China and a recovery in the Taiwan market drive sales higher in Asian markets by 18.5 percent to 6.92 billion euros (9.59 billion U.S. dollars).

Carrefour pledged an expansion plan with 800 new stores in 2011 mainly in emerging markets witnessing strong economic activities, which means expected higher sales and operating income, the French retailer said in a statement.

The group had set cost savings at 480 million euros (665.5 million U.S. dollars) and expected the value of purchasing gains at 225 million euros (311.97 million U.S. dollars) in 2011.

Source: Xinhua
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