Steinhoff begins fire sale

PUBLISHED: Fri, 12 Jan 2018 16:04:18 GMT

PARIS, Jan 12 (Reuters) – Shares in Carrefour rose on Friday after Europe’s largest supermarket retailer agreed to buy 17 percent of online fashion retailer for 79 million euros ($95 million), from Steinhoff-owned furniture chain Conforama.

Carrefour shares were up 0.3 percent in early session trading, outperforming a flat performance on the broader European retail sector.

Alexandre Bompard, who took over last July as CEO of Carrefour – the world’s largest retailer after Walmart -will unveil his strategy for the group on Jan 23.

Investors want Bompard to boost the performance of the group’s France-based hypermarkets, a goal that has eluded several predecessors amid competition online and price discounting from rivals such as unlisted Leclerc. They also want him to do more in terms of digital and online businesses.

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