|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||15.20 - 15.48|
|52 Week Range||14.25 - 18.17|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 25, 2019|
|Forward Dividend & Yield||0.46 (3.00%)|
|1y Target Est||18.54|
Carrefour Brasil plans to invest around 2 billion reais ($475 million) in 2020 to push forward its digital transformation and expand brick-and-mortar stores, particularly wholesale and convenience formats, executives said on Thursday. The local subsidiary of France's Carrefour SA is likely to maintain this level of capital expenditure until 2024, they said. Chief Executive Noel Prioux said the group expects economic conditions in Brazil to only improve later in 2020.
Carrefour, Europe's largest retailer, said that its overhaul plan aimed at boosting earnings was on track even though sales growth slowed in the third quarter, reflecting a weaker performance in its core French market. In Brazil, the group's second-largest market after France, sales growth also slowed amid decelerating food inflation but in Europe, Spain returned to growth in the quarter. Carrefour is in the midst of a five-year plan to cut costs, boost E-commerce investment, offer more organic products and own-brand labels to tackle competition from the likes of domestic rival Leclerc and online giant Amazon.
Carrefour, Europe's largest retailer, said on Tuesday that sales growth slowed in the third quarter, reflecting a weaker performance in its core French market where fewer promotional periods notably hit hypermarket sales. Carrefour nevertheless said that it was on track with a strategic overhaul plan aimed at boosting earnings and sales and that it was sticking with its targets under the plan. Carrefour is in the midst of a five-year plan to cut costs, boost e-commerce investment and step up its focus on organic food and convenience stores to tackle competition from the likes of unlisted rival Leclerc and Amazon.
Dubai's Majid Al Futtaim, which operates the Middle East franchise of French retailer Carrefour, is exploring options for its credit card business including enlisting partners to manage unsecured credit risk, two banking sources told Reuters. The economy in Dubai is suffering from sluggish growth due to a real estate downturn and slowing global trade, hitting white-collar jobs and consumer spending. MAF, a holding company which also owns and operates shopping centres in the Middle East and North Africa, hired U.S. investment bank Moelis & Co at the start of the summer to advise and manage the partial sale of its Najm credit cards, said the sources, who declined to be named.
Food retailer Carrefour Brasil is handing over the management of its 17 supermarkets in the southeastern state of Minas Gerais to a family-owned chain, in a deal that aims to address the peculiarities of regional markets in a vast country. The Brazilian subsidiary of France's Carrefour SA said it is dropping its own brand in all of the 17 supermarkets in the metropolitan area of Belo Horizonte to take them under the Super Nosso banner within a year, it said in a securities filing late on Wednesday. Super Nosso, in turn, will take over the management of the 17 supermarkets, increasing the number of stores operating under its own brand to 49.
(Bloomberg Opinion) -- Talk of a tie-up between the French hypermarket stalwart Carrefour SA and its arch-rival Casino Guichard Perrachon SA is back, almost a year after a first stab at exploring the idea ended in a public clash of egos and accusations of dishonesty.Carrefour has again denied an offer is in the works, but shares of the heavily-indebted, heavily-shorted Casino rose 3% on Monday after BFM reported that the grocery chain was thinking about an approach. While there would be obvious advantages for both sides in a deal, navigating the politics around potential job cuts and getting to an agreed price would be tough. A selective sale of assets looks more likely.The time passed since this combination was last considered has at least made a difference in how the big personalities involved – Carrefour boss Alexandre Bompard and Casino’s boss and lead shareholder Jean-Charles Naouri – might think about a move to create France’s biggest supermarket group. In late 2018, Naouri’s debt-laden empire was under attack from short-sellers, Casino shares were trading near 20-year lows and trust was at a minimum. Despite both men’s similar background in France’s elite schools and civil service corps, nothing clicked. Bompard, 24 years Naouri’s junior, reportedly enraged his rival by using the informal “tu” to address him.The pressure on Naouri has intensified since his investment vehicle Rallye SA (through which he controls Casino) entered creditor protection in May, but Casino is in a happier place. Its share price has jumped about 50% in a year, giving it a market value of 5 billion euros ($5.5 billion). It’s no longer being squeezed to help pay off Rallye’s debts and its Monoprix and Franprix stores give it a leading position in Paris. Online delivery deals with Amazon.com Inc. and Ocado Group Plc are another positive.This has left Naouri in a better position than some of his hedge fund antagonists were anticipating. He still controls Casino, even if his shares have been pledged to bank lenders as collateral, and the rebound in the company’s market value is a bonus. Daniel Kretinsky, a Czech billionaire, has backed his strategy by buying a Casino stake. While there’s still a need to sell assets to lighten Rallye’s debt load, Naouri has options to avoid a fire sale.On Carrefour’s side, Bompard would be foolish not to take a serious look at Casino given the intense competition in France’s supermarket sector. Carrefour’s 20% share of the French grocery market is in danger of being chipped away by its closure of hypermarkets and the threat from German discount chains such as Lidl. Adding Casino’s 11% market share would remove a rival and save money. Barclays estimates that the deal could deliver about 1 billion euros in gross synergies, or 1% of the companies’ combined annual revenues.Politics and price are, however, serious hurdles. Casino shares already trade at a premium to the sector, and the company would probably demand a sweetener to give up control. Carrefour has cash after selling a stake in a China business, but a higher value bid would force it to try to extract more savings. That might not be easy with regulators almost certainly demanding store disposals and France’s president Emmanuel Macron desperate to avoid layoffs.Asset sales might be better, or maybe a Brazil-only deal. Carrefour’s and Casino’s combined Brazil entities would have a market share of 54% in that country so some disposals would be necessary. But it might still be a way to free up some cash for Naouri and improve Carrefour’s profit margins in Latin America. Given the barbs being traded between Brazil’s President Jair Bolsonaro and Macron over trade and the environment, this might be one idea on which the leaders can agree.To contact the author of this story: Lionel Laurent at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Carrefour is launching two Supeco stores in northern France this month, Europe's largest food retailer said on Wednesday. Supeco was launched by Carrefour in Spain in 2012 when Pascal Clouzard headed the Spanish business.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.A Spanish startup best known for delivering takeaways is betting on building a network of convenience stores to expand its business -- just as the food delivery sector eyes a wave of consolidation.Glovo, a Barcelona-based web platform used mainly for ordering food from restaurants, is rolling-out so-called dark-supermarkets -- delivery-only convenience stores -- from Tbilisi to Lisbon in an attempt to tap into growing web-based demand for groceries.The company is also focusing on delivering groceries for existing supermarket chains. In May it announced a deal with Carrefour SA to handle their deliveries in under 30 minutes in four countries, and it has similar partnerships in different countries with Walmart Inc., Auchan Holding Sadir and Kaufland Stiftung & Co KG, among others.Glovo drew preliminary interest from Uber Technologies Inc. and Deliveroo, Bloomberg reported in August. The startup is in 180 cities spread across 24 countries, according to its website.But the company is increasingly marketing itself as an "app for anything" that allows users to request a rider -- as the delivery staff, who mainly ride bicycles, are known -- to buy any product. With this function, a user can send a rider to any store to pick up a product and the price is charged directly to the user’s credit card, together with a fixed service fee.Competitors are increasingly moving into delivering groceries alongside restaurant-delivery. Uber Eats has piloted delivery goods from Nestle and Unilever, and said in July that it’s in discussions with European supermarkets to roll out a grocery delivery service. Amazon.com Inc. is growing its grocery store delivery operations in several countries including Spain, one of its first markets.Germany’s Delivery Hero SE is already offering transport of consumer items such as groceries and toiletries in 12 markets and plans to raise that number in the coming months, Chief Executive Officer Niklas Oestberg said last month.Demand for online groceries in Europe’s largest economies set to grow by about 60% between 2018 and 2023, to more than $45.1 billion, according to estimates compiled by Delta Partners, a consultancy.Unlike online grocery shoppers such as U.K.’s Ocado Group Plc, which delivers weekly purchases the following day, Glovo is targeting small baskets at speed. Such deliveries are simply the latest twist in the “anything" strategy, according to co-founder and Chief Executive Officer Oscar Pierre, a wiry 26-year-old aeronautical engineer who started the company in 2015, shortly after a short stint working for airplane manufacturer Airbus SE.“The app aims to allow users to buy whatever they need from their phone", says Pierre.Glovo’s main food-delivery competitor in Latin America, Rappi, recently received an $800 million investment from two SoftBank units, the Vision Fund and the smaller, Latin America-focused Innovation Fund. Glovo is also in talks to receive an investment from SoftBank’s Vision Fund, after raising 150 million euros in a round earlier this year.To contact the reporter on this story: Rodrigo Orihuela in Madrid at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Stefan NicolaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
US supermarket giant Costco was overwhelmed by the crowds that had descended on its newly opened store in Shanghai on Tuesday, forcing it to suspend operations because of safety concerns.Thanks to a savvy social media push reminding consumers about the imminent store opening and large discounts, there was a frenzy for items ranging from designer handbags to liquor and shoes, in stark contrast to declining sales at rivals Carrefour and Walmart stores that are fast losing out to the onslaught of online shopping.Shoppers were drawn to Costco's warehouse style, membership-based store in the western suburban district of Minhang. And they were not disappointed. Kweichow Moutai liquor was priced at 1,498 yuan (US$209), about 400 yuan cheaper than elsewhere, while South Korean luxury brand MCM's leather backpack was retailing at 4,399 yuan, about 1,100 yuan lower than on China's e-commerce platform Tmall. Prada tote bags were selling for 13,999 yuan, according to photos shared by shoppers on social media.Even Hermes' popular Birkin bags were available at the wholesaler, although no price was available for the item that retails for several thousand US dollars each.Jacky Chen, a Shanghai resident who visited the outlet, said local police ordered the suspension of business as it became increasingly difficult to control the crowds."It was chaotic as throngs of shoppers flocked to get some good bargains," the 35-year-old white-collar clerk said. "There were bust-ups between anxious shoppers."By noon, pictures uploaded on to the Sina microblog showed Costco staff discouraging consumers from queuing up to get into the store. They held up signboards, saying at least three hours were needed to find a space in the store's parking lot and another two hours for checkout.The store was eventually closed at around 1.40pm.People try to get roast chicken at the Costco outlet in Shanghai on Tuesday. Photo: AFP alt=People try to get roast chicken at the Costco outlet in Shanghai on Tuesday. Photo: AFPCostco's Shanghai outlet is set within a four-storey building. Consumers have to pay 299 yuan for a Costco membership card that grants them exclusive shopping privileges.The ground floor is taken up by the store and the remaining three floors provide parking spaces for some 1,000 cars, according to local media ThePaper.cn."I was working when suddenly I received loads of pictures from friends saying that people were trying every possible way to squeeze into the store," said Joyce Shi, who works for a local publishing house."This is a great example that shows how hard it will be for US companies to dump the China market," said Xiao Lei, a financial columnist based in Beijing."The Chinese market still has great consumption power, particularly for high-end goods. It will be hard for US corporates to give up this ... So President Trump may need to reconsider his call of asking US firms to come back to the motherland," he said.Items ranging from liquor to luxury Birkin handbags and shoes were available at Costco's store in Shanghai on Tuesday. Photo: Handout alt=Items ranging from liquor to luxury Birkin handbags and shoes were available at Costco's store in Shanghai on Tuesday. Photo: HandoutLast week Trump threatened to make American businesses move out of China under the 1977 International Emergency Economic Powers Act. "I have the absolute right to do that, but we'll see how it goes," Trump said after China announced retaliatory tariffs on US$75 billion worth of US goods."I think the membership fee is worth it because, for 299 yuan, we have opportunities to buy lots of value-for-money goods," said Ben Zhou, who plans to visit the store in the coming days. "It is a good example of how good trade relationship between US and China can benefit the masses of consumers."Foreign supermarkets and hypermarkets boomed when they launched operations on the mainland in the 1990s.But the rising penetration of e-commerce has led to a shift in consumer habits, with young urbanites increasingly using their mobile phones to place orders for items ranging from daily necessities to household appliances, cinema tickets and meals. High-end Japanese retailer Takashimaya in U-turn, to keep Shanghai store openFigures from the National Bureau of Statistics backs the trend. Although retail sales of consumer goods in China grew by 8.4 per cent to 19.5 trillion yuan in the first half, online sales grew at a much faster pace of 17.8 per cent, accounting for nearly 25 per cent of the total.Meanwhile, the latest data by market research firm Kantar Worldpanel showed that foreign retailers including Carrefour and Walmart continued to lose ground in the segment of fast-moving consumer goods in China.The French retailing group Carrefour's 210 hypermarkets in China suffered a 0.3 percentage point erosion in market share to 2.8 per cent in the first quarter from a year earlier. In the same period US retail giant Walmart had a 5.1 per cent market share, compared with 5.4 per cent a year earlier.A Costco employee holds up a sign which says that the parking lot is full and will take at least three hours to find one. The US retail giant opened its first Chinese store in Shanghai, on Tuesday. Photo: Handout alt=A Costco employee holds up a sign which says that the parking lot is full and will take at least three hours to find one. The US retail giant opened its first Chinese store in Shanghai, on Tuesday. Photo: HandoutWalmart has enjoyed growth in its e-commerce business in China through partnerships with JD.com, JD Doajia and WeChat, according to a spokeswoman for the retailer."Walmart China is one of the first major retailers to use the WeChat Scan and Go mini program at scale," she said. "We are encouraging our customers to shop with us across our physical and digital stores."In June, Carrefour, announced plans to sell an 80 per cent stake in its China operations to Suning, ceding control in a market that it had first entered in 1995.Germany's Metro is also said to be offloading a majority stake in its Chinese hypermarkets business.Traditional retailers are also starting to utilise social media for marketing push.Besides maintaining a huge presence on e-commerce platforms like Taobao, they are spending big on running active accounts in popular social media networks like WeChat and Douyin, or cooperating with key opinion leaders (KOLs) for marketing.Recently Sina said that Samsung used its platform for a marketing event with great success. The South Korean invited 22 KOLs each with a fan base of more than 10 million, and achieved 3.7 billion topic views for the event.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Major fashion companies from around the world said on Friday they had signed a pact which they would present at this week's G7 summit to help protect the environment. Protecting the environment will be a leading issue at the G7, with French President Emmanuel Macron and United Nations Secretary General Antonio Guterres having expressed concern this week over wildfires raging through the Amazon. The companies, whose representatives were meeting French President Emmanuel Macron on Friday, said they would aim to use methods that would protect forests and cut down on the use of plastic.
The Brazilian unit of retailer Carrefour SA said on Thursday it is the target of a corruption probe into alleged payments related to the headquarters of its Brazilian brand Atacadao and a Sao Paulo store, which were operating without a license. In a securities filing, the Brazil unit of the French retailer said it was being investigated by "relevant authorities" and that it will cooperate as well as conduct its own internal probe. Shares of Carrefour Brasil were down 1.3% in morning trade in Sao Paulo.
The Brazilian unit of French retailer Carrefour SA disclosed earlier on Thursday in a securities filing a corruption investigation into its operations. In the filing, Carrefour Brasil mentioned media reports "of possible involvement of employees of the company in the payment of undue benefits to certain authorities" related to the operation of a store in Sao Paulo and its headquarters "without operating license". The company confirmed investigations on the matter by "relevant authorities" and said it will collaborate and conduct an internal probe.
(Bloomberg) -- Spanish food delivery startup Glovo has drawn preliminary interest from Uber Technologies Inc. and Deliveroo in recent months as the industry undergoes a wave of consolidation, people familiar with the matter said.Talks between the Barcelona-based company and potential partners have been on and off and may not lead to a transaction, the people said, asking not to be identified because the deliberations are private. While suitors have shown preliminary interest, Glovo isn’t actively looking for a buyer, the people said.Glovo is continuing to raise fresh funding and has also held early-stage talks with SoftBank Group Corp. about a potential investment, two of the people said. Glovo, which has markets in Europe, Latin America and Africa, may prefer to explore partnerships or deals on a region-by-region basis rather than a full sale, one of the people said.Representatives for Glovo, Uber, Deliveroo and SoftBank declined to comment.Delivery platforms have become prime takeover targets as startups battle for survival against more established incumbents and companies branch out into new services. On Monday, Just Eat Plc and Takeaway.com NV agreed to a 5 billion-pound ($6.1 billion) combination, less than six months after Takeaway.com spent about $1 billion on rival Delivery Hero SE’s German operations. Last month, Glovo struck a deal with French grocer Carrefour SA to make deliveries in France, Spain, Italy and Argentina.Square Inc. is selling its Caviar food-delivery app to DoorDash Inc. for $410 million, while Amazon.com Inc. has agreed to invest in Deliveroo.Click here to read more about the surge in delivery deals.Glovo, which markets itself as an app for anything and lets users request a range of products, was valued at about 850 million euros ($950 million) in its last fundraising round, one of the people said. The company is considering an initial public offering as soon as 2020, people familiar with the plans said in April. Investors in the firm include restaurant-owner AmRest Holdings SE, venture capital firms Lakestar and Seaya Ventures and Delivery Hero.Uber Eats, targeting an expansion into grocery delivery, has held talks with the U.K.’s second-biggest grocer, J Sainsbury Plc, people familiar with the matter said last month. The supermarket operator this month announced it was partnering with Deliveroo to bring hot pizza to homes in four British cities.To contact the reporters on this story: Giles Turner in London at email@example.com;Rodrigo Orihuela in Madrid at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Amy Thomson, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.