After the review of the action plan implemented over the last two months, board of directors of French retail major Carrefour announced its expected sales growth of 6.5 per cent in 2008, down from a previous target of around 7 per cent.
Commenting on the same, Jose Luis Duran, CEO, Carrefour said, “We plan to continue with our aggressive promotional policy and expect to post sales growth of around 3 per cent in the fourth quarter.”
Carrefour said in a statement that it expected to meet its target of 1.5 billion Euros of operational free cash flow, compared with 2007’s level of 691 million euros.
“We noted a certain slowdown in non-food sales in China, where the group generated sales of 2.96 billion euros in 2007, out of global sales of 92.272 billion euros, but that food sales were still pretty positive.” added Duran.
— IndiaRetailing Bureau
