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CARREFOUR

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Real-time Euronext Paris  -  11:35 2022-08-11 am EDT
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Global food makers, retailers remain in crisis mode

06/22/2022 | 09:36am EDT
FILE PHOTO: Container ships in Suez Canal

DUBLIN/LONDON (Reuters) - Global retailers and consumer goods makers remain in crisis mode and expect consumer behavior to remain unpredictable for the foreseeable future, top industry executives told a conference in Dublin this week.

Since the start of 2020, the STOXX Europe 600 Retail EUR Price Index has lost more than a fifth of its value. The equivalent index for European food and beverage makers <.SX3P) is down more than 4%.

In that time, political tensions have risen; climate change has entered "another stage of crisis"; the macro-environment has changed dramatically; and the Covid-19 pandemic is still ongoing, Carrefour Chief Executive Alexandre Bompard said at the Consumer Goods Forum's Global Summit on Tuesday.

"For us as CEOs, it means that crisis is the new normal," Bompard said. "What we have been used to in the last decades - low inflation, international trade - it's over. It's not the new world."

A desperate supply chain crunch has also sent shudders through the manufacturing and consumer goods industries over the past year, with shipments trapped in log jams due to factors including pandemic lockdowns, panic buying and sanctions levied on Russia for its invasion of Ukraine that began in February.

Logistics giant Maersk, which transports goods for companies like Walmart and Nike said the cost of shipping cargo is up 25-30% due to an array of inflationary pressures that are "unlikely to abate in the short term." [L1N2Y90UZ]

Consumer goods companies should get used to the idea of "crisis being more or less the new normal" as they fight soaring inflation, climate change and a global food crisis, Unilever chief Alan Jope said on Tuesday.

"The mother of all crises is of course the climate emergency," he said.

The problems have contributed to mounting inflation.

"Inflation is a dynamic, particularly in Europe, that we need to start to get used to," Ayla Ziz, Danone's global head of sales, told Reuters ahead of the conference.

Tobias Wasmuht, Chief Executive of SPAR International, said the supermarket chain owner is trying to mitigate the impact by cutting costs and becoming more efficient but warned that rising ingredient and raw material costs will be passed on to shoppers.

(Reporting by Padraic Halpin and Conor Humphries in Dublin and Richa Naidu in London; Editing by Matt Scuffham, Alexandra Hudson)

By Padraic Halpin, Conor Humphries and Richa Naidu


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AP MOLLER MAERSK -0.24% 21030 Delayed Quote.-10.11%
CARREFOUR 1.24% 17.115 Real-time Quote.6.27%
DANONE -0.04% 53.55 Real-time Quote.-1.91%
NIKE, INC. 0.85% 114.1 Delayed Quote.-31.54%
STOXX EUROPE 600 (EUR) 0.06% 440.16 Delayed Quote.-9.82%
STOXX EUROPE 600(EUR)(TR) 0.15% 1012.24 Delayed Quote.-8.01%
UNILEVER PLC -0.70% 3921 Delayed Quote.-0.62%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.01% 60.6144 Delayed Quote.-17.93%
WALMART INC. 0.96% 129.82 Delayed Quote.-10.28%
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Financials
Sales 2022 83 047 M 85 756 M 85 756 M
Net income 2022 1 151 M 1 189 M 1 189 M
Net Debt 2022 9 521 M 9 832 M 9 832 M
P/E ratio 2022 11,8x
Yield 2022 3,30%
Capitalization 12 504 M 12 912 M 12 912 M
EV / Sales 2022 0,27x
EV / Sales 2023 0,24x
Nbr of Employees 319 565
Free-Float 78,5%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 17,12 €
Average target price 21,01 €
Spread / Average Target 22,8%
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Managers and Directors
Alexandre Bompard Chairman & Chief Executive Officer
Matthieu Malige Chief Financial Officer
Miguel Ángel González Gisbert Global Chief Technology Officer
Charles Edelstenne Independent Director
Mathilde Lemoine Independent Director
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