Carrefour targets China in global expansion



Carrefour, the world’s second largest retailer by sales, plans to open around 100 hypermarkets a year between 2006 and 2008.
Half of the new hypermarkets will be in Asia with an average of 23 being opened each year in China. On the other hand, the firm is also considering selling some outlets in South Korea.
Meanwhile, the company  posted a sales increase of 25 per cent at its Chinese stores in 2005. The France-based retailer, which has recently opened new stores in the region, reported sales of 17.55 billion yuan ($2.2 billion) in China last year.
Overall, Carrefour has reported a 16 per cent drop in net income in 2005 after one-time charges. Net income fell to €1.44 billion ($1.72 billion) after taking €372 million in charges. Before those charges, the company’s earnings before interest and tax amounted to €1.81 billion, compared to €1.79 billion the year before.