July 2015
Intermediate to advanced
856 pages
35h 6m
English
Content preview from Financial Accounting: IFRS, 3rd Edition
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CHAPTER 5Accounting for Merchandising Operations
FEATURE STORY
Who Doesn’t Shop?
Carrefour, headquartered in France, is the largest retailer in Europe and the second largest retailer in the world. While 40% of its sales are in France, it operates stores under a variety of names in 32 countries in Europe, Asia, and Latin America, such as Carrefour Express, Dity, Ed, Minipreco, and Promocash. Its nearly 10,000 stores employ 471,000 people and generate sales of €112 billion.
Becoming an international titan hasn’t always been easy. Carrefour has enjoyed some successful mergers and acquisitions. But, it has also experienced setbacks, including a failed effort to acquire a giant Brazilian retailer. It has had some success in increasing market share in emerging markets. But, by far the largest share of its sales are in Europe, which has experienced low consumer confidence in recent years due to the recession and debt crisis. As a result, Carrefour’s increases in emerging markets have only served to offset declines in Europe.
Management has experienced upheaval, with three new chief executive officers during a seven-year period. Investors in recent years have withdrawn support for the company, resulting in a drop in Carrefour’s share price of two-thirds in less than five years. At times, the company has struggled strategically. Recently, it decided to quit using temporary price cuts to promote products. Instead, Carrefour sets prices low on certain key items. It also decided to not ...
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