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Mon 2 Apr 2007 04:35 PM

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Carrefour disposals boost profits

Divestments helped the French ‘hypermarket’ chain see a 58% boost in 2006 profits.

Carrefour recently reported a 58% increase in net profit for 2006 to EUR2.268 billion (US $2.8 billion). Excluding the effect of divestments, mainly the sale of assets in South Korea, the superstore's net profit increased by just 3.3% to EUR1.98 billion (US $2.48 billion).

The French-based supermarket/department store also saw its operating profit for the calendar year 2006 rise 3.4% to EUR3.26 billion (US $4 billion).

Carrefour said it expected current operating profit to grow by less than sales in 2007 before catching up with them next year, largely due to continued price competition.

It predicted sales growth would at least match the 6.6% achieved last year and rise to 10% in 2008.

 

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