“It was a very good year, beyond expectations, the VAT cut had a significant role in rekindling consumer spending,” the French executive says.
He did not provide any details about last year’s sales figures of the group, but it had grown at a double-digit rate by mid-year. The executive remains optimistic about consumer spending in 2017.
Consumer spending will increase as the VAT drops to 19% (on January 1, 2017 i.e.) but not as much as in 2016, he added. Consumer spending rose by more than 14% in January-November 2016.
Carrefour, the second leading group in local retail sector by revenue, will continue expansion on all formats this year and start rebranding the Billa stores it acquired in December 2015.
(English version by Loredana Fratila-Cristescu)