The gross revenue includes the VAT charged for food (9%) and non-food products (20%). Carrefour officials do not provide VAT exclusive figures as those published on the Finance Ministry website.
The group’s revenue went beyond EUR2 billion, following 7.7% like-for-like growth. In all, adding the results of the new stores, the revenue went up by 12.9%, the highest growth in Europe and the second highest in the world after Argentina (18.4%). The revenue of the entire group went up 2.2% to EUR88.2 billion, which makes French-held Carrefour one of the world’s largest retailers.
The EUR2 billion revenue cements Romania’s place as the fifth market in Europe (not counting Carrefour’s home market, France). The significant growth drove it close to Poland, the most powerful economy in the region, and a country with double the population of Romania. The growth rate in Romania was double the growth rate in Poland, where Carrefour has more stores (900 compared with 300 in mid last year).
The rise in Carrefour’s revenue comes at a time of consumer spending growth in Romania, more than 10% in January-November 2017 (according to the latest data available). If December results follow the same trend, 2017 will be the second year with double-digit consumer spending growth in a row.
(English version by Loredana Fratila-Cristescu)