Quack therapy

7 March 2013 By Quentin Webb

Taking over last year, CEO Georges Plassat described the floundering retail giant as a “canard sans tête”. Annual results reflect the impressive recovery since then. Economic gloom and shifting shopping fashions are worrying. But there’s scope to achieve more.

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Carrefour booked operating profit of 2.14 billion euros ($2.78 billion) last year, the company said on March 7, which was slightly ahead of the average 2.061 billion euros forecast by analysts in a Thomson Reuters I/B/E/S poll.
The French group, Europe’s largest food retailer, said capital expenditure would increase this year to about 2.2 to 2.3 billion euros, from 1.547 billion euros in 2012. Analysts had expected capex of about 1.955 billion euros.
Carrefour’s shares were up 4.49 percent to 22.345 euros by 1340 GMT, their highest level since July 2011.

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