Carrefour preps for 1,000 new store openings

2nd May 2006, Comments 0 comments

PARIS, May 2, 2006 (AFP) - The French retail giant Carrefour on Tuesday predicted a growth in sales this year and said it planned to open more than 1,000 new stores around the world by the end of December.

PARIS, May 2, 2006 (AFP) - The French retail giant Carrefour on Tuesday predicted a growth in sales this year and said it planned to open more than 1,000 new stores around the world by the end of December.

"We said last year that sales would grow in the 2006-08 period by more than five percent and ideally in double digits.

"Today we confirm our objectives and we are going to accelerate growth starting in 2006," Carrefour chairman Jose Luis Duran told the company's annual shareholders' meeting.

He said Carrefour this year would open a 100 new "hypermarkets" along with operations in other formats — such as discount stores — for a total of more than 1,000 new sales outlets.

Duran added that the company planned to reinforce its position in key international markets, with all regions expected to show growth.

Asked about a possible takeover bid by US retailing powerhouse Wal-Mart, Carrefour supervisory committee head Luc Vandevelde declined to comment directly.

"But as we have often made clear, it is the commercial and financial performance of our group that will determine our independence and our long-term success," he said.

Copyright AFP

Subject: French news

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