CRRFY Carrefour SA (PK)

   By Anthony Shevlin 
 

Carrefour SA (CA.FR) said Tuesday that 2018 recurring operating income at constant exchange rates is expected to rise compared to the year previous, as sales in the fourth quarter grew on a like-for-like basis.

The French retailer said recurring operating income at constant exchange rates is expected to rise 4% compared with the year previous to around 1.93 billion euros ($2.19 billion).

However, Carrefour said this figure takes into account a negative currency hit of EUR160 million. At constant currency rates, recurring operating income in 2018 is set to be nearly EUR85 million higher than the year previous.

Sales in the fourth quarter were EUR22.64 billion, up 1.9% on a like-for-like basis. At constant exchange rates, sales grew 2.7%, the company said.

Taking into consideration accounting measures for hyperinflation in Argentina, sales in the fourth quarter would have been EUR22.98 billion, Carrefour said.

Like-for-like sales for the full year grew 1.4% to EUR85.16 billion.

Sales in France during the fourth quarter fell 0.1% to EUR10.6 billion despite the impact of the "yellow vest" protests in the country, the company said.

The company backed the targets that it set out in its 2022 transformation plan.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

January 22, 2019 12:00 ET (17:00 GMT)

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