PARIS: Carrefour, Europe’s largest food retailer, could cut around 4 percent of its Italian workforce — or up to 590 staff — and downsize five of its 51 hypermarkets in the country to cope with falling sales, according to its 2019-2022 business plan.
The plan, unveiled to local unions this month, also entails investing some €400 million ($454 million) to boost the Italian convenience store network, with 300 new outlets planned, and boost E-commerce at the arm, added the French group.
The planned overhaul comes as a draft bill being championed by Italy’s ruling coalition looks set to force shopping malls, outlets and supermarkets outside city centers to shut 26 Sundays a year.
Italy, which makes 6 percent of group sales, is a key market in Europe for Carrefour, after France and Spain.
Sales in that country fell 4 percent on a like-for-like basis last year amid fierce competition from rivals, especially online retailers.
Layoffs will be kept to a minimum and where possible will be done on a voluntary basis, said Carrefour.
Carrefour, which unveils 2018 earnings on February 28, is in the midst of a global five-year plan to cut costs and jobs, boost its e-commerce investment and seek a partnership in China with Tencent to lift overall profits and revenue.
It had already cut jobs in France last year, and had also reduced non-food space in some of its French hypermarkets and turned five hypermarkets into franchises.
For 2019, the company is planning to reduce further the amount of space in stores dedicated to non-food items, turn more hypermarkets into franchises and open up more of its ‘Drive’ click-and-collect services.
Retailer Carrefour eyes job cuts in likely Italian restructuring
Retailer Carrefour eyes job cuts in likely Italian restructuring
- Italy, which makes 6 percent of group sales, is a key market in Europe for Carrefour, after France and Spain
- Layoffs will be kept to a minimum and where possible will be done on a voluntary basis
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
