Carrefour 1st Half Net Loss Narrows; Confirms Transformation Targets -- Update

(Contains recurring operating income, details on second quarter sales, first-half sales increase, accounting details, CEO quote)

 
   By Anthony Shevlin 
 

Carrefour SA (CA.FR) said Thursday that its net loss in the first half narrowed and backed its 2022 transformation targets.

The French retailer said its net loss in the first half was 458 million euros ($510.3 million) compared with a net loss of EUR861 million the year prior.

The company's recurring operating income rose to EUR624 million, up from EUR602 million the year previous.

Second-quarter sales were EUR20.06 billion and sales in its domestic market of France rose on a like-for-like basis to EUR9.72 billion. However, on an organic basis sales in France dipped 0.5%.

The above figures include IAS 29 and IFRS 16 accounting standards.

Sales for the first half rose 3.5% on a like-for-like basis.

Alexandre Bompard, Carrefour's chief executive, said: "Carrefour is showing a clear improvement in performance, half-year results are growing. This strong momentum is accompanied by an intensification of our transformation plan."

Carrefour confirmed its 2022 transformation targets.

Write to Anthony Shevlin at [e-mail]; @anthony_shevlin

(END) Dow Jones Newswires

July 25, 2019 12:31 ET (16:31 GMT)

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