Carrefour Net Profits Rise 1.2 Percent in First Half

French firm cites improvements in France, reiterates sales growth target of 7 percent.

PARIS – Carrefour Group, the world’s second largest retailer after Wal-Mart Stores Inc., reported a 1.2 percent increase in first-half net profits to 750 million euros, or $1.15 billion at average exchange rates, calling the results its best for the period since 2005.
At a morning presentation, chief executive officer José Luis Duràn trumpeted the retailer’s “strong performance” in light of the “strained economy” and confirmed that Carrefour is on track to meet its full-year sales growth target of 7 percent at constant exchange rates.
He noted food sales in French hypermarkets were “slightly improved” in July and August, although “spending is still weak.”
“We are a solid, profitable group that is capable of living up to the challenge…We don’t count on the environment to improve, we count on ourselves,” he said.

For complete coverage, see Tuesday’s WWD.