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Carrefour profit rises 15%
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March 8, 2001: 6:57 a.m. ET
Promodes merger savings boosts full year profit at world's No. 2 retailer
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LONDON (CNN) - Carrefour, the world's second largest retailer, on Thursday posted a 14.9 percent rise in profit as it reaped savings from its Promodes merger.
Profit before one-off items and after goodwill rose to  1.050 billion in 2000, up from a proforma 914 million in the previous year. The profit was in line with the JCF Group consenus forecast of 1.053 billion.
The French firm, the world's second largest retailer after Wal-Mart, company forecast 2001 profit after goodwill to grow at about 15 percent, with sales rising 8 percent to 70 billion.
 Carrefour (PCA) shares fell 4.8 percent to 61.80 in midday Paris trade.
Carrefour secured its spot as the number one European retailer when it merged with food retailer Promodes in August 1999.
Carrefour reported its results for 1999 as if the two companies had already merged businesses.
Adrian Darley, portfolio manager at Gartmore Investment Management which is neutral on the stock, said Carrefour's success in managing the integration of retailer Euromarche in the early 1990s meant he was confident about Carrefour now.
"The management have a good track record in managing mergers and getting out the synergies -- I'd give them the benefit of the doubt even though in the short-term there are issues and the stock is unlikely to roar away."
Carrefour said its 200 results, the first after a full-year of operations as the merged entity, take into account a large increase in goodwill write-offs and costs linked to acquisitions or increased stakes in other retailers including Rainha, Dallas and Continente in Brazil, GS in Italy, GB in Belgium and Marinopolous in Greece.
Sales rose 25 percent to 64.8 billion, from 51.9 billion the previous year.
--from staff and wire reports 
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