Auchan lost 1.5 billion euros in the first half of 2019

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Times are tough for mass retailers and more particularly Auchan. The hypermarket posted a loss of one and a half billion euros in the first half of 2019. The group ensures that it is a bad pass and that he has taken the turn of the turnaround.

For now, it is mostly about accounting losses, registered on subsidiaries that the group is selling: Auchan in Italy and Vietnam and the bank Oney, left to the Caisse d'Epargne. Last year, Auchan has already posted a loss of more than one billion euros and has since embarked on a vast economy plan that passes through the closure of 21 stores in France and 700 to 800 job cuts.

The economic model of the hypermarket is attacked. Last year sales fell by 3.3%. For five years now, Lidl has been gaining market share. Auchan is trying to sign partnerships with local producers and develop your organic offer because he suffers from the negative image of food products sold in supermarkets.

To restore its accounts, today Auchan is obliged to close stores but also slow down investments which allow to renovate its large areas.

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https://www.rtl.fr/actu/conso/auchan-a-perdu-1-5-milliard-d-euros-au-premier-semestre-2019-7798254385

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