Carrefour Batu Pahat, Malaysia. (Photo Credit: StockFile)
Carrefour SA (CA) has dispensed with assets in Colombia, Malaysia, Indonesia, Singapore and Greece -- moves that have helped add about EUR 5 billion to the company’s market value -- since Georges Plassat took over as CEO in May 2012, and plans to continue downsizing.
Now, Plassat might sell off operations in Turkey, Poland and Italy, according to a prediction by Main First Bank. And Deutsche Bank AG forecasts Carrefour may also downsize some hypermarkets in France given its consecutive declines in annual earnings.
Under Plassat, Carrefour is increasingly leaning toward strengthening stagnant domestic sales. Since May, the firm has sold operations with sales of EUR 5.2 billion, Deutsche Bank estimates.
“Carrefour has become a lot more hungry for cash to reinv...