EVRY (dpa-AFX) - French grocery retailer Carrefour Group (CRERF.PK, CRRFY.PK, 0NPH.L) reported Thursday a decline in consolidated sales for the first quarter, hurt by negative impacts of currency, Easter timing and a drop in petrol prices. However, at constant exchange rates and on organic basis, sales increased.
For the first quarter, consolidated sales including value added tax or VAT, were 19.79 billion euros, down 3.7 percent from last year. In the quarter, sales were hurt by a 7.4 percent impact, comprising currency effect of 5.3 percent, 1.3 percent due to the lag in the Easter holidays that will take place in April this year, and a 0.7 percent impact due to the drop in petrol prices.
On a constant currency basis, sales increased 1.6 percent, and it grew 3.7 percent on an organic basis, excluding the triple impact.
The company's like-for-like sales for the quarter edged up 0.7 percent, and like-for-like sales, excluding calendar effect and petrol, grew 2.7 percent.
Quarterly sales in Europe fell 1.4 percent year-over-year to 14.27 billion euros, and dropped 1.3 percent at constant rates. France recorded a 0.9 percent decline in sales and other European countries' sales fell 2.2 percent. However, European sales advanced 0.4 percent on organic basis, with a 1.4 percent rise in France and good performance in Spain.
In France, petrol sales had a negative impact of 1.1 percent, essentially due to lower oil prices. Sales in hypermarkets declined 1.8 percent and in supermarkets edged down 0.6 percent. Meanwhile, Convenience & other formats generated 2 percent more sales in the quarter.
Organically, Hypermarkets, Supermarkets and convenience and other formats generated higher sales.
In the Emerging markets, quarterly sales declined 9.2 percent on a reported basis to 5.52 billion euros, but increased 8.6 percent at constant exchange rates. Organic sales climbed 10.5 percent with strong performance mainly in Brazil and Argentina. Asian sales grew 2.1 percent organically, with growth in China, supported by expansion
Including petrol, total sales under banners stood at 23.6 billion euros in the quarter, up 1.5 percent at constant exchange rates.
In Paris, Carrefour shares are currently trading at 29.13 euros, up 0.11 euros or 0.38 percent.
Copyright RTT News/dpa-AFX