Auchan 2013 profits up partly thanks to Luxembourg
(AFP) French retailer Auchan on Monday posted growing profits and revenues for 2013, as international sales, partly thanks to Luxembourg, offset sluggish demand in France.
The privately-held group last year recorded a 17 percent jump in net profits to 767 million euros boosted by capital gains arising from the sale of assets in France, Luxembourg and Italy.
Sales were meanwhile up 3.4 percent to 48.1 billion euros, said the group, which operates both hypermarkets and supermarkets.
"Due to a very downbeat economic environment in the eurozone, revenue growth was driven solely by Central and Eastern Europe and Asia, which recorded growth of 11.1 percent, while France saw revenue fall by 1.1 percent and Western Europe excluding France saw a decline of 2.8 percent," it said.
The group's board chairman Vianney Mulliez added that Auchan France posted a decline in profit for 2013 "due notably to the fact that its tax contribution was again very high at 67 percent of profit before tax and after" a tax credit for competitiveness and employment.