EVRY (dpa-AFX) - Shares of Carrefour Group (CRERF.PK, CRRFY.PK) were trading around 3 percent higher in the morning trading in Paris after the French grocery retailer reported Thursday higher net income from continuing operations in 2014 with improved performance in emerging markets in Latin America. Sales, meanwhile, declined from last year. The company also announced a dividend for the year.
Looking ahead, for fiscal 2015, the company projects total investments, including DIA France, of between 2.5 billion euros and 2.6 billion euros, and increased free cash flow. The company also aims at continued strict financial discipline, maintaining BBB+ rating.
For the full year 2014, net income from continuing operations, Group share, climbed 24.6 percent to 1.18 billion euros from 949 million euros in the previous year. Adjusted net income, Group share, was 1.04 billion euros, compared to 929 million euros a year ago.
Net income, Group share stood at 1.249 billion euros, compared to 1.263 billion euros a year ago.
Recurring operating income was 2.39 billion euros, a growth of 6.7 percent from prior year's 2.24 billion euros, benefited by 7 percent rise in Europe and 14.9 percent increase in Emerging Markets. Brazil and Argentina posted combined growth in recurring operating income of 23.2 percent
Total revenues, meanwhile, decreased 0.5 percent to 76.32 billion euros from 76.68 billion euros. Sales excluding value added tax or VAT were 74.71 billion euros, down 0.2 percent from the prior year with weak results in all regions, except Latin America. At constant exchange rates, sales grew 2.9 percent and were up 3.9 percent on an organic basis mainly reflecting strong 11.5 percent growth in emerging markets in Latin America. Europe posted sales growth of 0.6 percent.
Further, Carrefour said its Board, at its meeting on March 4, decided to propose to shareholders a 2014 dividend of 0.68 euros.
In Paris, Carrefour shares were trading 2.49 percent higher at 30.40 euros.
Copyright RTT News/dpa-AFX