Aisle cruise

5 March 2003

In these tough times, that seems to put the super back in supermarket. But the retailer s operating performance was actually quite stodgy.

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Carrefour said that its earnings per share including goodwill amortisation had risen 15% in 2002, slightly higher than expected. The group's sales slowed by 1.1%, although on constant exchange rates that translates into a 4.6% increase.

Despite sluggish sales, which were hit by currency impacts in Latin America, the world's secondlargest retailer said its operating profit grew by 7.1% in 2002, on ebitda growth of 3.3%. Carrefour's net profit benfitted from lower interest charges. These fell 19% thanks to cautious management of the debt, and lower goodwill amortisation.

Carrefour said it is cautious on the outlook for 2003 because of uncertainties linked to the environment. However, it aims to increase sales by over 5% excluding currency impacts and produce eps growth in double digits, before and after goodwill.

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