Carrefour sales double in Q1

The four Carrefour hypermarkets in Romania made sales of nearly 88 million euros in the first quarter of the year, up more than 90% on the corresponding period in 2004. The first quarter growth rate is close to what was achieved throughout the whole of 2004 when sales at Carrefour hypermarkets exceeded 220 million euros, more than twice the amount of the previous year. This growth comes as a result of the sustained expansion by Carrefour in Romania over a period of around one year, with three hypermarkets being opened between autumn 2003 and autumn 2004. This period also saw the French company make operating income for the first time since entering the market. According to Hyparlo, the majority shareholder in Hiproma, the operator of the Carrefour hypermarkets in Romania, their business in this country generated 4 million euros in operating income last year. They did not make any net profits last year, however, posting 4.8 million euros in net losses, mainly due to the financial costs incurred by development. Further hypermarkets will also be opened in 2005, with Carrefour Ploiesti scheduled for opening at the end of the year. At the same time, Carrefour will begin construction of another hypermarket in Constanta, which is slated for opening in the first half of next year and a different hypermarket in northern Bucharest as part of an extensive commercial development. ZF