Insiders

Retailer Carrefour raises capex goals as boss Bompard unveils new strategy plan

November 08, 2022 at 01:35 am EST

PARIS (Reuters) - Europe's largest food retailer Carrefour said it aimed for a net free cash flow of over 1.7 billion euros ($1.70 billion) and 4 billion euros in cost savings in 2026, as part of boss Alexandre Bompard's new strategy plan to make the group more resilient amid soaring inflation.

Carrefour, ahead of an investor presentation later on Tuesday, said it was raising its annual investment target to 2.0 billion euros from 1.7 billion euros previously.

Chairman and CEO Alexandre Bompard, who took over at Carrefour in July 2017, was reappointed in May 2021 to lead for another three years.

He faces the challenge of conducting the second leg of the group's turnaround amid an inflationary environment made worse by the war in Ukraine and without the extra financial resources that would have been on hand if two planned tie-ups last year had not failed - one with Canada's Alimentation Couche-Tard and one with France's Auchan.

The new plan builds on targets announced in November 2021 to spend 3 billion euros between 2022 and 2026 to step up digital commerce expansion as Carrefour looks to stay ahead of Amazon on grocery delivery.

($1 = 0.9996 euros)

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	ATACADÃO S.A.	11.59 BRL	+0.35%	+3.29%	4.75B
	AMAZON.COM, INC.	180.4 USD	+0.44%	+1.51%	1,869B

Alexandre Bompard

Alexandre Bompard is currently the Chairman & Chief Executive Officer at Carrefour SA, Chairman & Chief Executive Officer at FNAC SA, Chairman at Atacadão SA, Chairman at Carrefour Enterprise Foundation, Chairman at Fédération du Commerce et de la Distribution, Independent Director at Orange SA, Director at The Consumer Goods Forum, Director at Association Française des Entreprises Privées, Director at Fondation des Sciences Politiques, and Member at Le Siècle.
Previously, Mr. Bompard held positions as Chairman & Chief Executive Officer at Europe 1 Interactive SARL, Chairman & Chief Executive Officer at FNAC Darty Participations et Services SA, Director at Darty Ltd., Non-Voting Director at Kering SA, Director at Les Editions Indépendantes SA, Director at Fnac Darty SA, Director-Sports & Public Affairs at Groupe Canal + SA, Chief of Staff at Société d'Edition de Canal Plus SA, and Member-Supervisory Board at Banijay Group SAS.
Mr. Bompard completed his education at Sciences Po and Ecole Nationale d'Administration, where he graduated.

View full profile

Linked companies
CARREFOUR	Chief Executive Officer
FNAC SA FNAC SA Specialty StoresRetail Trade FNAC SA retails books, consumer electronics, and entertainment equipment. The company also runs the French mail-order operation fnac.com and digital download platform Fnac music. The firm operates stores in Belgium, Brazil, Greece, Italy, Portugal, Spain, Switzerland, and Taiwan. FNAC was founded by André Essel and Max Théret in 1954 and is headquartered in Ivry sur Seine, France.	Chief Executive Officer

Linked companies

CARREFOUR

Chief Executive Officer