Carrefour CEO Alexandre Bompard on Thursday expressed confidence in his turnaround strategy after Europe’s largest retailer posted a stronger-than-expected 5.8 percent rise in first-half operating profits.
Casino, which is battling to ease investor concerns about its high debt levels, posted stronger-than-expected second-quarter revenue, thanks to accelerating sales in France and Brazil, and predicted solid growth ahead.
Casino shares rose sharply on Wednesday, which traders attributed to Goldman Sachs declaring a stake in the French supermarket retailer and to an upbeat note on the stock from analysts at Deutsche Bank.
A deal between Carrefour and Tesco to team up on global purchasing will help them not only cut prices but also expand their own-label ranges, tightening a squeeze on major brand producers such as Nestle and Kraft Heinz.
French supermarket chain Casinoand cosmetics group L’Orealare launching new beauty stores in Paris this weekend, the latest effort by brick and mortar retailers to retain customers in the face of online competition.
Online retail sales in France rose 13% to 22.3 billion euros ($26.10 billion) in the first quarter, said the French E-Commerce Federation, highlighting growth in a sector that has seen Amazon and others make in-roads.
British online supermarket pioneer Ocado has signed a partnership with Swedish market leader ICA Group, its third major deal in six months as food retailers race to meet the challenge of online competition.
French retailer Carrefour has struck a five-year purchasing alliance with peer Systeme-U, stealing a march over rivals in a deal that will make Carrefour the biggest buyer in its competitive home market.