Brazil and southern Europe drove first quarter sales growth at Carrefour as its turnaround strategy gained traction, and the world’s second-biggest retailer said it was comfortable with market expectations of higher full year profits.
Trading conditions remained tough in China, where sales were down 8.4 percent in the quarter, compared to a 15 percent drop in the fourth quarter of 2015.
Carrefour is restructuring its China operations, expanding e-commerce and convenience stores and opening logistics centres to cut costs and focus more on fresh products. It expects the plan to impact its China results by late 2016-early 2017.
(Source: CNBC)