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Carrefour has been on track for growth since
2012. Are you satisfied with the 2014 results?
The results are there. Semester by semester,
our performance is improving. We had another
outstanding year in 2014. Sales growth has
accelerated, and profitability is rising sharply,
with recurring operating income up by 10.6%.
This solid performance reaffirms the plan
we initiated just over two years ago, and has
encouraged us to stay the course. We presently
hold strong positions in our main markets,
France, Brazil and Spain. These three countries
represent nearly three-quarters of our business
and provide a solid base to ensure our steady
growth and sustain our momentum.
In your view, what were the highlights
of the year?
2014 was a good year for Carrefour, and every
country contributed. For Carrefour in France,
there is no doubt that the Dia store acquisition
made all the difference. It has enabled us to extend
our store network in the country. Thanks to the
quality and enthusiasm of our teams, the conversion
of these stores to convenience banners such as City,
Contact and Market considerably enhanced the
strength of our multi-channel offer. Every operator,
including the pure players, now recognises that the
strength of a store network is critical to the success
of e-commerce. We have observed this trend for
over two years. Our customers want to have their
choice of products and prices, but also want to
choose how they shop and where they go to pick up
their orders. Our stores make the difference.
Another highlight for the year was the Group’s major
step forward in its efforts to build stronger local ties
inBrazil. Awidely-recognised expert on the Brazilian
market and commerce took a 10% stake in our
subsidiary. These local ties and the new
development of convenience banners will bring us
another step forward in the country’s food retail
market. More than ever, we are laying groundwork
for the future and will continue to grow our business
in Latin America. I should also mention Italy and
Spain, which after much resistance proved its
buoyancy in 2014. As you can see, each country
contributes to the Group’s positive momentum.
What drives this momentum?
It is based on solid levers, which have strengthened
over the past two years, andwhich continue to
support our growth. These include our multi-format
offer, renewed control over our real-estate holdings
and a balanced country portfolio. Consider real estate
as an example, which enables us to constantly
improve the customer experience, fromcar parks
to the shopping centre, and to the store itself.
We invested a total of €2.4 billion during 2014,
in particular to renovate our stores. It is critical that
we pay close attention to the quality of the
surrounding ecosystem, which is what makes these
investments effective. As another example, Carrefour
is themost multi-format international retailer. If we
look at society, regardless of the country, we see that
consumers are becoming ever more demanding.
They want stores close fromhome or workplace,
awide selection, quality, freshness, non-food items,
newproducts, delivery where andwhen they choose,
and price. Each format has its purpose, andwe are
expanding in every country wherewe operate.
With this comes our drive for operational excellence,
rekindled in our teams, whichmakes the difference
to customers in our stores. We have seen this in
France, wherewe are beginning to reap the benefits
of our investments and innovations, andwhere all of
our formats have grown over the past two years.
Tomaintain thismomentum, wemust continue to
strive toward operational excellence, have the agility
and curiosity to constantly push ahead, and anticipate
market trends over themedium term.
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2014 annual activity and responsible commitment report –