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UPDATE 1-France's Carrefour expands in convenience stores in Taiwan

Published 06/02/2020, 02:36 PM
Updated 06/02/2020, 02:40 PM
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(Adds details from statement, background)
By Dominique Vidalon
PARIS, June 2 (Reuters) - French retailer Carrefour
CARR.PA said on Tuesday it had agreed to buy food retailer
Wellcome Taiwan from Asia's Dairy Farm DAIR.SI , making it the
number two player in Taiwan's convenience stores market.
The transaction, with an enterprise value of 97 million
euros ($108.00 million), covers the purchase of 224 stores as
well as a warehouse and is expected to close by the end of the
year, the statement said.
Wellcome Taiwan posted net sales of around 390 million euros
in 2019.
Carrefour, which currently operates 137 stores in Taiwan,
including 69 convenience stores under the Market banner, is the
country's fifth largest retailer. PX Mart is the largest
convenience store operator.
Carrefour posted net sales in Taiwan of nearly 2 billion
euros, EBITDA of 209 million euros and recurring operating
income of 83 million euros in 2019.
While it expands in Taiwan, Carrefour is retreating from the
highly competitive Chinese market where, last year, it sold 80%
of its loss-making operations to electronics retailer
Suning.com.
($1 = 0.8981 euros)

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