EnglishCarrefour SA, the largest retail group in Europe, has decided to sell operations in Russia and leave this market. "Carrefour has decided to sell its activities in Russia and pull out of the market, given the absence of sufficient organic growth prospects and acquisition opportunities in the short- and medium-term that would have allowed Carrefour to attain a position of leadership," a press release explained. "This decision is consistent with the Group"s strategy which aims at building leadership positions that will ensure strong and lasting profitable growth," Carrefour explained.
Early this year, Carrefour inaugurated its first hypermarket in Russia, within the Filion Shopping Centre in the western part of Moscow. The French retailer later opened a second hypermarket, in the southern Russian city of Kasnodar.
Carrefour operates 15,000 stores in 32 countries worldwide and has some 490,000 employees. Carrefour sales lost 2.9 per cent to 24.02 billion EUR (35.9 billion USD) in the third quarter, which was the third consecutive quarter of decline. Sales in France lost 3.4 per cent to 10.4 billion EUR.
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