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Carrefour (ENXTPA: CA) FY17 Results: Profits Fall amid Tough Conditions and €1 Billion Charge

Executive Summary

  • Carrefour announced a 14.7% fall in recurring operating income in FY17, yielding a decline in operating margin from 3.1% in FY16 to 2.5% in FY17.
  • The company noted price pressures, higher costs and higher depreciation charges as pressuring its operating margin.
  • Adjusted net income was down 25% year over year and well below expectations.
  • Net income was hit by €1 billion in charges relating to goodwill in Italy and the DIA store network in France.

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