French retailer Carrefour said Thursday that it has reached a binding agreement with the Italian NewPrinces food group to sell its 1,188 supermarkets in Italy, reportedly for a fee of around one billion euros.
    When the operation is completed, NewPrinces is reportedly set to relaunch the GS supermarket brand, which had disappeared from Italy's streets when Carrefour entered the Italian market.
    "After a recovery period from 2020 to 2022, Carrefour Italy recorded a decline in sales in 2024, along with negative Recurring Operating Income of -€67m and Net Free Cash Flow of -€180m, in a particularly challenging economic and competitive environment," Carrefour said.
    "This operation covers all of Carrefour's activities in Italy.
    It will allow Carrefour to refocus on its key markets in Europe and Latin America.
    "The transaction could be completed before the end of fiscal year 2025, with an estimated impact on the Group's treasury of -€240m".

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