Carrefour closing in on euro 1 bln in sales

Carrefour Romania, the third-largest retail network operating on the local market, posted some €866 million in sales in 2007, more than 54 percent higher year-on-year, due to network expansion. The growth is almost double that previously estimated by company officials.

In December, the company forecast a 30 percent rise in sales (up to €800 mln) for 2007, and sales exceeding €1 billion in 2008.

Carrefour owns 11 hypermarkets in Romania, of which five are in Bucharest. In November last year, Carrefour also entered the supermarket segment, following the takeover of the Artima network, in a deal worth €55 mln. Artima operates 21 supermarkets, mostly in Western Romania, with a total sales area of 21,000 sqm.

Carrefour Romania's main competitors are Cora, Auchan, Kaufland and Real. The total fast moving consumer goods market is estimated to reach some €50 billion this year, if growth exceeds 20 percent, according to players on the market.

Business Standard