Carrefour has two good reasons to invest in Brazil. First, sales in existing stores for a year went up 10%. Second, competition with local group Pão de Açucar, to whom the French group lost the lead in 2009 in the ranking of the Brazilian Supermarket Association.
According to Jornal Valor, Brazil increased its stake in Carrefour’s global revenues in the first quarter to 11.3%, compared to 8.5% in the same period last year. Sales rose 16% in the country until March and amounted to € 2.7 billion (U.S. $ 6.5 billion), according to the statement released by retailer yesterday in France. In conference, the finance director, Pierre Bouchut said the group plans further acquisitions in the China, Spain and Brazil.
Owner of 114 hypermarkets, 49 supermarkets, 61 shops and 376 Day Atacadão%, Carrefour Brazil foresees opening 70 stores this year, all the flags, with increased focus on the North and Northeast of Brazil. The position in the South is already consolidated. The openings should consume part of investments of $ 2.5 billion announced for 2010 and 2011 in Brazil, above the figure of $ 1.8 billion in the previous biennium.
Globally, Carrefour’s sales rose to € 24 billion in the first quarter, compared to 22.7 billion achieved in the same period of 2009. Revenues in France, which represents about half the total, rose for the first time in six quarters.
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