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Carrefour Turns To Profit In FY19; Raises Cost Savings Plan

French grocery retailer Carrefour Group (CRERF, CRRFY,0NPH.L) Thursday reported that its fiscal 2019 net income, Group share reached 1.31 billion euros, compared to loss of 582 million euros last year.

Adjusted net income, Group share, was 905 million euros, compared to 804 million euros in 2018.

Recurring operating income or ROI was 2.09 billion euros, an increase of 7.4 percent at constant exchange rates. Operating margin increased 16 basis points to 2.9 percent.

Group EBITDA reached 3.49 billion euros, or a margin of 4.8 percent, up 10 basis points.

The company's sales including VAT was 80.75 billion euros, pre-IAS 29, an increase of 2.1 percent at constant exchange rates. Group sales including VAT were up 3.1 percent on a like-for-like basis.

Looking ahead, the company said its three-year cost savings plan raised to 2.8 billion euros from previous view of 2.6 billion euros on an annual basis by end-2020.

Cost-saving dynamic will continue beyond 2020

Further, the company set new target of 300 million euros in additional disposals of non-strategic real estate assets by 2022.

The company confirmed all other targets for fiscal 2022.

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