Carrefour Posts Solid Fiscal 2016 Financial Performance

Despite continued softness in the French market, retailer Carrefour SA posted full-year earnings of $1.01 billion, close to the $1.15 billion that Wall Street analysts had expected. Full-year net sales were $80.7 billion, 2.7 percent higher than last year. The company did not change its full-year dividend. The group had said earlier this year that fourth quarter sales were 3.9 percent higher at $24.9 billion. Operating profits in France, which represents about 25 percent of its total profit, fell 13.4 percent to $1.1 billion. The company said performance in the food sector was good in all countries; sales growth was “excellent” in Brazil and “continued positive momentum” in Europe, “reflecting the relevance of the predominantly food-based multiformat model.” [ Image credit: © Carrefour ]