Retail in Asia

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Carrefour China sales down 12.3pc in 2Q

Carrefour, Europe’s largest retailer, on Thursday reported a slowdown in second-quarter sales reflecting competitive pressure in its top French market and slumping sales in China amid weak consumption.

The world’s second-largest listed retailer after Wal-Mart said second-quarter sales were EUR21.4 billion (USD23.3 billion), slightly above the average forecast of EUR21.3 billion in a poll of analysts. Stripping out fuel and currencies, sales rose 2.6 percent in the quarter, down from 3.2 percent growth in the first quarter.

Sales in China fell 12.3 percent as slower economic growth curbed consumption. The group’s response has been to boost expansion in e-commerce and convenience stores and to open logistics centres in China to reduce costs.

(Source: CNBC)