The biggest retailer in France and the second-largest one by sales worldwide – Carrefour SA made an official announcement today, posting a revenue for the first quarter of the financial year that matches analysts forecasts. The company, however, explained that its sales were influenced by losses from weakening currencies of emerging markets and lower fuel prices.
Carrefour SA said in its statement that its first-quarter revenue decreased 3.7% and reached 19.8 billion euros (27.4 billion dollars). According to Bloomberg, this result matches the analysts initial estimate. As reported by the Wall Street Journal, Mr. Jean-Pierre Sivignon, Chief Financial Officer of Carrefour SA, said in an interview when asked to comment on companys results: “This is the fourth quarterly organic growth in a row.”
The company is believed to be focusing on price and convenience due to the fact it is trying to stabilize its positions in France. Moreover, Carrefour has been currently considering whether to sell a stake in its division, based in Brazil in 2015.
In its statement the company also revealed that its same-store sales in Spain increased 0.1%, leaving its footprints on companys way towards a second consecutive quarter of growth.
One of the analysts, who work for Sanford C. Bernstein – Mr. Bruno Monteyne – commented on the companys latest issues for Bloomberg: “The recovery continued in Spain and Belgium, Brazil continues to see high growth; but Italy is in freefall and China is still showing negative.”
According to Financial Times, shares of Carrefour SA rose 0.02% to 29.02 EUR on Paris Stock Exchange today, while companys one-year return rate was 39.52%. The same media reported that the 28 analysts offering 12-month price targets for Carrefour SA have a median target of 29.05, with a high estimate of 32.50 and a low estimate of 20.20. The median estimate represents a 0.10% increase from the last price of 29.02.
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