French retailer Carrefour has recorded an increase in sales of 1.5 per cent (at constant exchange rates and excluding petrol) to €22.5bn for the first quarter of 2012, thanks to a marked resilience in the food segment.
Sales in France fell by 0.5 per cent, while European sales outside of France dropped by 2.7 per cent, not helped by the continued deterioration of the market in Greece.
In Latin America, on the other hand, sales rose by 10 per cent, driven by the continuing progress of its hypermarkets in Brazil and the outperformance of Atacadao.
The Asian market remained stable, with a slight decrease in sales of 0.3 per cent.
Chairman and CEO Lars Olofsson commented: 'The trends we observed this quarter and the persistently difficult trading environment confirm our determination to pursue the execution of our Reset plan in France, focus on cash and cost efficiency, further extend our Carrefour-branded product offer and continue expanding in emerging markets.'
