PARIS (Reuters) – Carrefour said on Wednesday it looked to the second half of the year with confidence after Europe’s largest food retailer delivered higher first-half operating profit and it raised its 2022 cost-savings target amid accelerating inflation.
Carrefour said cash generation would remain above one billion euros in 2022, while it was now aiming for savings of one billion euros this year against 900 million euros previously forecast, having achieved 480 million euros in the first half.
Carrefour reported a 1.6% rise in first-half recurring operating profit to 814 milion euros at constant exchange rates, driven by a strong performance in Brazil, its second-largest market.
The performance reflected cost cuts and first-half sales which grew 5.4% on a like-for-like basis to 43.42 billion euros.
(Reporting by Dominique Vidalon; Editing by GV De Clercq)
