Carrefour Taiwan shines in sagging Asia market
Carrefour Taiwan showed growth for the 13th consecutive quarter while in the rest of Asia first-quarter sales sagged for the French hypermarket operator.
Taiwan’s like-for-like sales rose by 3.3 per cent.
A strategic partnership formed with Tencent in China rapidly materialised, says the group, including the launch of a WeChat app.
However, like-for-like sales in China fell by 6.6 per cent in a competitive environment especially in e-commerce, notably during the Chinese New Year celebrations.
Sales for Asia overall were down by 4.5 per cent at constant exchange rates and 3.9 per cent like-for-like, in line with trends in previous quarters.
Overall, Carrefour’s first-quarter sales reached €20.7 billion (US$25.5 billion), up 2.6 per cent at constant exchange rates. On a like-for-like basis, the rise was only 0.4 per cent, impacted by less dynamic markets in Europe, continued deflation in Brazil, strong competitive pressure in the group’s main markets, and business disruptions in Belgium and France.