Carrefour Needs To Do More To Compete In 'Europe's Toughest Market', Says Analyst
A leading analyst has said that while French retail giant Carrefour is making progress, chief executive Alexandre Bompard and his team need to do more to lift the business' performance in 'Europe's toughest market'.
In a briefing note, Bruno Monteyene of Bernstein Research described trading momentum at the retailer as 'anaemic', noting that its French hypermarket business saw a 0.5% decrease in like-for-like sales in the first quarter, showing 'no noticeable trend improvement'.
In addition, the group saw a 1.4% like-for-like decline in Spain, a 3.0% drop in Italy and a 1.0% drop in Belgium in the same period, Monteyne noted.
'Whilst Carrefour is doing all the right things, keep in mind that it is in Europe's toughest market and inherited from previous management the wrong format mix, wrong prices and bad habits,' Monteyne said.
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