Or not — drivers can pocket the cash and carry on.
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It is also Britain's largest cash and carry operator with over 200 branches.
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"Makro" is an internationally known cash and carry wholesaler brand in emerging markets.
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BK) and about 80 cash-and-carry stores under Siam Makro PCL (MAKRO.BK).
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That was Deutsche Bank snapping up metal for a cash-and-carry financing deal.
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The retailer also opened three new cash-and-carry stores, all in different regions.
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Cash-and-carry retailers sell food and other goods in bulk, to offer low prices.
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Retailing used to be cash-and-carry, with shoppers taking their merchandise home with them.
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Strong Brand Recognition: Makro is an internationally known cash and carry wholesaler brand in emerging markets.
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The cash-and-carry business runs 750 stores in 21 countries, serving hotels, restaurants and independent traders.
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It also supplies restaurants such as Wagamama and Carluccio's and operates the Makro cash and carry business.
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SAO PAULO (Reuters) - Sales in the Assaí cash-and-carry division of Brazilian retailer GPA SA (PCAR4.
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Refrigeration will be moved to Massmart's food and wholesale chains Cambridge, Rhino and cash and carry stores.
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Or, even, from the souvenir canvases sold in the cash-and-carry galleries of Nantucket or Rockport?
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Sales also rose in Brazil, helped by a strong performance of the Assai cash-and-carry outlets.
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In Brazil food retail sales were driven by its Assai cash-and-carry stores despite continuing food price deflation.
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Another 27 Walmart stores will be turned into cash-and-carry stores Maxxi and membership-only retail chain Sam's Club.
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Metro said Palazzi, 46, who previously ran Metro's cash and carry business in Italy, was taking over with immediate effect.
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"It's not full cash and carry but at least the structure is closer to where it should be," said one source.
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Fourth-quarter EBIT at its cash and carry business rose 14 percent to 306 million, beating analyst consensus for 256 million.
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The German cash-and-carry retailer on Sunday rebuffed an offer from two investors valuing the company at 5.8 billion euros.
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Dhanin's flagship operates 12,000 7-Eleven convenience stores through CP All and about 80 cash-and-carry stores through Siam Makro.
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The main driver of growth, the company said, was its Assaí cash-and-carry division, whose same-store sales rose 17.3 percent.
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Or the other kind which was bizarrely just cheap frozen pizzas from the cash and carry deep-fried and served with chips.
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In recent quarters, the retailer has bet on its Atacadao 'cash-and-carry' format, which offers a wholesale experience to retail customers.
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Metro has been refocusing on its core cash-and-carry business, selling its Kaufhof department stores and splitting from electronics group Ceconomy.
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CP Group runs its 12,13 7-Eleven convenience stores through CP All and about 80 cash-and-carry stores under Siam Makro.
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Growing market share and the conversion of former hypermarkets boosted net revenue at the company's Assai cash-and-carry stores by 25.2 percent.
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The focus on cash-and-carry comes after revenue in the segment surged almost 46 percent last quarter, the best-ever quarterly performance.
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Brent is used in cash and carry strategies outside North America while WTI is employed mostly for storage trades in the United States.
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Booker supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio's and also operates the Makro cash and carry business.
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Plassat said Carrefour was sticking to plans for a possible flotation of its Brazil unit, which includes Brazil's largest cash-and-carry store operator.
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It's a cash and carry opening where you take the nudes right off the wall for $20 a pop, and out into the world.
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CP Group runs its 12,13 7-Eleven convenience stores through CP All PCL and about 80 cash-and-carry stores under Siam Makro PCL.
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CP Group runs its 12,13 7-Eleven convenience stores through CP All PCL and about 80 cash-and-carry stores under Siam Makro PCL.
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A years-long recession helped popularize so-called "cash-and-carry" stores like GPA's Assai, which offers a no-frills, wholesale format to customers.
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Last week, its cash-and-carry subsidiary Siam Makro Pcl reported 14 percent growth in net profit from a year earlier, reaching 6.18 billion baht.
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GPA, controlled by France's Casino Guichard Perrachon SA , is increasing focus on cash-and-carry as consumers spurn traditional supermarkets in search of lower prices.
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Walmart has for years tried to enter India but has remained confined to a 'cash-and-carry' wholesale business amid tough restrictions on foreign investment.
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Instead, the retailer will sharpen its focus on cash-and-carry operations in a bid to return to profit after six straight quarters of losses.
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As in previous quarters, growth was driven mainly by Carrefour Brasil's so-called cash-and-carry format, which offers consumers a no-frills, wholesale experience.
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Advent plans to convert unprofitable hypermarkets into cash-and-carry wholesale stores and expand brands developed by Walmart in Brazil such as Maxxi and Todo Dia.
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Metro last week reported slightly lower than expected profit in the critical Christmas quarter, hurt by the performance of its cash and carry and hypermarket businesses.
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Carrefour is also benefitting from the renovation of some of its hypermarkets in Brazil and from the robust performance of its Atacadao cash and carry stores.
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Earlier this week, Siam Makro Pcl, cash and carry wholesaler unit of CP All, reported a 13 percent rise in net profit of 1.4 billion baht.
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The way the club initially operated—with it's cash and carry bought stock, and student cheque book scams—put Sykes in mind of his acid house days.
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Metro reported one-off costs of 190 million euros, mainly relating to restructuring measures at its cash and carry business in Germany, Belgium, the Netherlands and Italy.
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Booker owns about 200 cash and carry warehouses in the UK and supplies the Budgens, Londis and Family Shopper grocery chains, which are run as franchise operations.
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However, CP ALL plans to divest a portion of its interest in cash-and-carry wholesaler Siam Makro PCL (Makro) and use the proceeds to reduce debt.
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Some domestic airport operators and fuel suppliers have put Jet on cash-and-carry, meaning it must pay cash in advance for services used, the person said.
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The group supplies the Budgens, Londis, Happy Shopper and Premier convenience chains, catering firms such as Wagamama and Carluccio's, and also operates cash and carry business Makro.
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But even in that motley crew, Bellamy seemed more comfortable in the outsiders' community of dreams and illusions than in the world of bourgeois cash and carry.
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CP All, a unit of CP Group, has more than 11,600 7-Eleven stores in the country and also owns cash-and-carry wholesaler Siam Makro Pcl.
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The robust performance of Brazil, Casino's second-largest market after France, has been largely driven by the Assai Cash and Carry stores, as Brazil emerges from a recession.
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The robust performance of Brazil, Casino's second largest market after France, has been largely driven by the Assai Cash and Carry stores, as Brazil emerges from a recession.
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It also owns about 200 cash and carry warehouses and supplies 120,000 retailers, including the Budgens, Londis, Premier and Family Shopper chains, which are run as franchise operations.
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SAO PAULO, Feb 19 (Reuters) - Brazilian food retailer GPA hit quarterly profit estimates on Monday, as sales at its cash-and-carry wholesale format stores continued to drive growth.
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Sales in Brazil, the second-largest market after France, grew 7.1 percent on a same-store basis, boosted by the strong performance of the Assai cash and carry stores.
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Soaring inflation and a weak labor market pushed some 2.5 million Brazilian families to switch from supermarkets to cash-and-carry stores in 2015, Gomes said, citing Nielsen data.
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"Oil traders will find it harder to make money in a backwardated market compared to one in contango, as the opportunity for 'cash and carry' trades disappears," analysts said.
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Earlier in October, GPA said sales at its Assai cash-and-carry stores open for at least 12 months, a measure known as same-store-sales, grew 7.7 percent.
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The sharper focus on cash-and-carry comes after revenue in the segment surged almost 46 percent last quarter, the best-ever quarterly performance for the activity, he said.
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Metro has been restructuring over the past few years to focus on its cash-and-carry business, selling Kaufhof department stores and then splitting from consumer electronics group Ceconomy.
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The strategy, which other food retailers have adopted, has been largely successful, with profit growth at the cash-and-carry stores significantly outpacing the retailer's other more traditional formats.
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It projected overall capital expenditures of 1.8 billion reais, and said it will open 20 new cash-and-carry stores this year and continue to emphasize investing in Atacadao.
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Carrefour bucked the trend, posting 8.5 percent growth in sales at existing stores, thanks to investments in hypermarkets and growth at Atacadão, the country's biggest cash-and-carry chain.
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The cash-and-carry Assaí division also posted a slight dip in its gross profit margin, but sales grew 36 percent last quarter due to the chain's rapid expansion.
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The Big C deal would make for Thailand's second-biggest inbound acquisition after 2013's $6.6-billion purchase by CP All PCL of cash-and-carry wholesaler Siam Makro Pcl.
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Bompard also outlined plans to accelerate growth in supermarkets and convenience stores globally, especially in Brazil in where it wants to open 20 new Atacadao cash and carry per year.
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Iabrudi said GPA plans to focus investments in its most profitable formats and open about 20 stores per year in its Assai cash-and-carry format between 2018 and 2020.
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This month, GPA reported strong revenue growth in an operational preview, even as the truckers' strike knocked 0.7 percent off total sales, as the cash-and-carry format drove growth.
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In Brazil, whose economy is slowly emerging from a recession, Carrefour's sales growth of 6.6 percent was boosted by a relatively strong performance for the Atacadao cash-and-carry stores.
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Metro, a sprawling conglomerate, has spent several years restructuring and selling businesses, such as its Kaufhof department stores, to focus on its cash-and-carry business and the Real chain.
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"When you introduce this financial tool in a cash-and-carry society, my concern is that you will create an environment where people are comfortable going into debt," he said.
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Hindustan Petroleum Corp and Bharat Petroleum Corp are supplying fuel on a cash-and-carry basis, which means Jet needs to pay for the fuel at the time of purchase.
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Contango makes it profitable for crude traders to store large volumes of crude oil through "cash and carry" strategies which are no longer possible when the market is in backwardation.
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In Brazil, its second-biggest market by revenue, food retail sales were robust, driven by the cash and carry Assai stores and sales revitalisation of the Extra hypermarkets, Casino said.
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High demand for the format has pushed GPA to convert many of its more traditional grocery stores to the cash-and-carry model, a trend which it plans to continue.
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DANSK MOBELKUNST, COPENHAGEN Furniture and the decorative arts have their place at Tefaf, too, though the galleries' approaches range from curated single-designer displays to cash-and-carry mini-shops.
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Metro, a sprawling conglomerate, has spent several years restructuring and selling businesses, such as its Kaufhof department stores, to focus on its cash-and-carry business and Media-Saturn electronics chain.
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Amazon holds about 27 percent of India's burgeoning e-commerce market, according to Euromonitor, where Walmart only operates 99843 cash-and-carry wholesale stores in the country that sell to businesses.
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Chief Executive Olaf Koch has sought to focus on the once sprawling conglomerate's core cash-and-carry business in recent years, selling its Kaufhof department stores and then splitting from Ceconomy.
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In a typical storage strategy, known as "cash and carry", traders buy physical crude and put it into storage in a tank farm, or more rarely on a tanker at sea.
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Metro said Boone, who joined as operations director of the Russian cash and carry business in 2011 and took over as its managing director in 2012, was leaving by "mutual consent".
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Atacadão leads the segment in sales but is likely to face increasing competition from new players entering the "cash and carry" format as well as rival GPA SA's Assai wholesale chain.
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But after paring back to 44 locations, Maxxi gives Wal-Mart far less exposure to the cash-and-carry business than Atacadão and GPA's Assai, which have 123 and 95 stores, respectively.
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The Russian cash-and-carry business, the country's fourth-biggest retailer, was long Metro's most profitable unit but it was forced to suspend plans to list the operation after the Ukraine crisis erupted.
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Once a sprawling retail conglomerate, Metro has been restructuring in recent years to focus on its core cash-and-carry business, selling Kaufhof department stores and then splitting from consumer electronics group Ceconomy.
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GPA opened 13 Assaí stores last year for a total of 107 in the cash-and-carry segment, and the division's revenue climbed almost 40 percent in the first nine months of 2016.
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At the group's cash-and-carry stores, a format which offers final consumers a wholesale experience, same-store sales grew 2.2 percent, while sales contracted 0.1 percent at the group's more traditional formats.
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Patrice Etlin, a managing partner at Advent International in Brazil, said in June that the private equity firm would invest billions of reais to convert unprofitable hypermarkets into cash-and-carry wholesale stores.
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Once a sprawling retail conglomerate, Metro has been restructuring in recent years to focus on its core cash-and-carry business, selling Kaufhof department stores and then splitting from consumer electronics group Ceconomy .
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SAO PAULO (Reuters) - GPA SA, Brazil's largest diversified retailer, plans to invest as much as 1.2 billion reais ($384 million) this year to bolster growth in supermarket, cash-and-carry and real estate.
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Metro, a sprawling conglomerate, has spent several years restructuring and selling non-core businesses such as its Kaufhof department stores, to focus on its cash-and-carry business and Media-Saturn electronics chain.
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Britain's biggest supermarket Tesco said it would buy the country's largest cash and carry wholesale supplier Booker in a recommended share and cash merger which valued Booker at about 3.7 billion pounds ($4.64 billion).
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Once a sprawling retail conglomerate, Metro has been restructuring in recent years to focus on its core cash-and-carry business, selling Kaufhof department stores and then splitting from consumer electronics group Ceconomy AG .
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His nephew, Nazir Ahmed, saved enough to open a shop and by the mid-1980s was employing nearly 100 people in a dozen businesses including a cash-and-carry, supermarket and a hardware shop.
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GPA will convert between 15 to 20 Extra hypermarket stores into Assaí cash-and-carry stores next year, Chief Executive Officer Ronaldo Iabrudi said at the same conference, and open six new Assaí stores.
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If the tightness in Brent persists, physical traders will have an incentive to unwind cash-and-carry storage trades where they hold a long position in physical oil and a short position in futures.
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In practice, the transactions rarely match perfectly and there is often some residual risk, but cash and carry is still one of the lowest risk and most popular trades in the physical oil business.
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In Brazil, Carrefour's second-largest market after France, sales growth of 5.1 percent was boosted by a pickup in inflation for food products and the good performance of the Atacadao cash-and-carry stores.
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Cheesewright said Wal-Mart was piloting a larger version of its Todo Dia discount format in part as a way to attract some of the family shoppers now using rival cash-and-carry stores.
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Carrefour Brasil, like arch rival GPA, owned by France's Casino Guichard Perrachon SA, has made a significant bet on the cash-and-carry format, a no-frills wholesale-style shopping experience for final customers.
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But in recession-hit Brazil, where Casino makes around 40 percent of its sales, food retail sales grew 8.3 percent, driven by the cash and carry Assai stores and promotional activity at the Extra hypermarkets.
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Once a sprawling retail conglomerate, Metro has been restructuring in recent years to focus on its core cash-and-carry business, selling its Kaufhof department stores and then splitting from consumer electronics group Ceconomy (CECG.DE).
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It said like-for-like sales rose 0.1 percent, supported by increases at its cash and carry and Real hypermarkets businesses, which it plans to separate from its consumer electronics chain and list next year.
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Walmart, which currently runs 21 cash-and-carry stores in India, said on Monday it had been supporting local manufacturing in India by sourcing from small and medium suppliers, farmers and businesses run by women.
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At the end of December, the U.S. retailer closed both of its Maxxi brand cash-and-carry stores in Campo Grande as part of a restructuring that shuttered 60 locations across Brazil, including some Supercenters.
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The cash-and-carry format, which features bulk sales of food and other items paid for in cash and carried out by the customers themselves, has emerged as a rare bright spot in Brazilian retail.
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Metro expressed optimism that a Duesseldorf court will rule against shareholder challenges to the company's plan to spin off its cash and carry wholesale and Real hypermarkets operations from the Media-Saturn consumer electronics arm.
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At the cash and carry and Real unit to be spun off, quarterly sales rose 2.4 percent to 8.5 billion, helped by a stronger rouble and acquisitions including the Pro a Pro group in France.
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Carrefour Brasil continued to gain participation in the segments of cash and carry, hypermarkets and convenience stores over the first half, Chief Executive Officer Charles Desmartis said in a conference call to discuss second-quarter results.
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As many food and beverage companies failed to deliver directly to clients as a result of the truckers strike, those clients turned temporarily to such stores, often known as "cash and carry," to meet their needs.
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Amazon now holds about 27 percent of India's burgeoning e-commerce market, according to Euromonitor, where Walmart remains a footnote and only operates 21 cash-and-carry wholesale stores in the country that sell to businesses.
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Metro, a sprawling conglomerate with 2,000 stores in 29 countries, has been restructuring in recent years to focus on cash-and-carry and consumer electronics, selling its Kaufhof department stores and Real supermarkets in eastern Europe.
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Walmart India already has 21 Best Price cash-and-carry stores and one fulfillment center in 19 cities across nine states in India, and it said that more than 95 percent of sourcing coming from India.
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In a market characterized by contango, traders can buy and store physical stocks of the commodity and cover the cost by establishing a short position in the futures market, a strategy known as "cash and carry".
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Meanwhile, the cash and carry business, which Metro plans to spin out and list separately, took another hit from the weak rouble, but Koch said there were encouraging signs consumer demand in Russia had turned positive.
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GPA's cash-and-carry wholesaler Assai also continued to provide profitable growth, as a dozen new stores and more demand from bargain-hunting families helped boost sales by 29 percent and operating profit by 75 percent.
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GPA, like its main rival Carrefour Brasil, has been betting big on the cash-and-carry format, which offers a wholesale experience to final customers, as a three-year recession pushed Brazilians to aggressively seek discounts.
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Indicated 0.5 percent higher German retailer Metro reported a pick up in sales in its home market on Wednesday, particularly at the cash and carry business which it plans to list separately from its consumer electronics chain.
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Advent plans to expand brands developed by Walmart in Brazil such as Maxxi, used in cash-and-carry stores, and Todo Dia, of small-scale supermarkets, along with the membership-only retail chain Sam's Club, Etlin said.
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Even big foreign investors are essentially told what to do: Walmart can only open cash-and-carry stores closed to the general public, Amazon must sell mostly other merchants' goods rather than its own, and so on.
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BANGKOK, May 10 (Reuters) - Thai cash-and-carry chain Siam Makro Pcl said on Tuesday its first quarter net profit fell 18.5 percent from a year earlier due to a weak gross margin and sluggish domestic consumption.
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EBITDA margin at the cash-and-carry division should grow about 0.2 percent to 0.3 percent per year annually, while the more traditional 'Multivarejo' format should see margin growth of 0.5 to 0.6 percent, the company said.
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BERLIN, May 11 (Reuters) - German retailer Metro reported a pick up in sales in its home market on Wednesday, particularly at the cash and carry business which it plans to list separately from its consumer electronics chain.
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On Tuesday, cash-and-carry chain Siam Makro Pcl reported a 18.5 percent drop in quarterly profit due to weak margins and fierce competition among major chains such as the Thai unit of Tesco and Big C Supercenter.
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This year, São Paulo-based GPA plans to open six Assaí outlets and convert at least 15 Extra hypermarket stores to the cash-and-carry format, with much of the expansion in lower-income cities of northeastern Brazil.
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GPA, like its arch rival Grupo Carrefour Brasil, has been betting big on the cash-and-carry format, which offers a wholesale experience to final consumers, as a three-year recession has pushed Brazilians to aggressively seek discounts.
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Metro's cash-and carry business that serves independent traders, hotels and restaurants is already an active acquirer, buying Pro a Pro from Belgian retail and wholesale group Colruyt last year and Singapore-based Classic Fine Foods in 2015.
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Still, in a conference call to discuss results, Chief Financial Officer Christophe Hidalgo said GPA would book a 25 million-real provision to convert up to 20 existing stores into the Assaí cash-and-carry format this year.
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Metro's reported EBIT of 1.24 billion euros was boosted by proceeds from the sale of its cash and carry business in Vietnam, which also helped it cut net debt to 0.1 billion euros from 1.5 billion a year ago.
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While GPA's cash-and-carry and convenience store segments are performing within management expectations, the hypermarkets and appliance units are still struggling with the highest urban unemployment in seven years, borrowing costs at a decade high and record delinquencies.
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São Paulo-based GPA expects to convert as many as 20 Extra hypermarket stores into Assai cash-and-carry stores next year, Chief Executive Officer Ronaldo Iabrudi told investors in a Friday conference call to discuss third-quarter earnings.
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However, group sales in Germany rose 1.7 percent, or 1.1 percent on a same store basis, with cash and carry like-for-like sales in Germany up 2 percent and the Media-Saturn consumer electronics unit up 1.1 percent.
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Once a sprawling retail conglomerate, Metro has restructured in recent years to focus on its European cash-and-carry business, selling off the Kaufhof department stores, splitting from consumer electronics group Ceconomy and selling its struggling Real hypermarkets business.
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While benefiting from wider product diversification and a cash generative "cash and carry" format, its business model is still challenged and it was one of the last food retail groups to begin a transformation process in line with changing customer requirements.
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Koch said Metro needed to do more to improve the operating profit margin in its cash-and-carry stores in Germany, which was just 218 percent in the 2267/493 fiscal year, including by offering more services for hotel and restaurants.
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Chief Executive Officer Ronaldo Iabrudi said GPA, owned by France's Casino Guichard Perranchon SA, plans to focus investments in its most profitable formats and open about 20 stores per year in its Assai cash-and-carry format between 2018 and 2020.
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Metro, whose shares are down a third so far this year, has been refocusing on its core cash-and-carry business, selling its Kaufhof department stores and splitting from electronics chain Ceconomy last year - which retained a 10 percent stake.
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SAO PAULO, July 25 (Reuters) - Carrefour Brasil, the nation's largest retailer, beat second-quarter profit estimates, helped by an expansion in sales of its cash-and-carry division, known as Atacadao, the company said in a securities filing on Wednesday.
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"We expect the EBIT miss and weak operational trends to weigh on the shares," said Citi analyst Nick Coulter, who pointed to falling like-for-like sales at the cash-and-carry unit in Germany and France and at the Real hypermarket chain.
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Same store-sales at the retailer's Atacadao cash-and-carry format, which offers final customers a wholesale experience, climbed 1.4 percent taking into account calendar effects, while same-store sales at the retailer's more traditional formats rose a calendar-adjusted 4.3 percent.
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In Asia second quarter like-for-like sales fell 4.8 percent, reflecting Tesco's decision to exit non-profitable cash and carry sales in Thailand, the impact of the Thai government issuing welfare cards which cannot be redeemed in Tesco stores and Tesco's own price cuts.
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Patrice Etlin, a managing partner at Advent International in Brazil, said at an industry event in Sao Paulo that the firm would invest "billions of reais" over the next two years in the operations and expects to convert unprofitable hypermarkets into cash-and-carry wholesale stores.
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Metro last month reported a 9 percent fall in sales at its cash-and-carry business in Russia, which has traditionally contributed a big chunk of operating profits, although it saw an improvement in same-store sales at its core German wholesale unit and its hypermarkets stabilised.
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Patrice Etlin, a managing partner at Advent International in Brazil, told journalists at an industry event in Sao Paulo that the firm would invest billions of reais over the next two years in the operations and expects to convert unprofitable hypermarkets into cash-and-carry wholesale stores.
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The acquisition of Bengaluru-headquartered Flipkart will give Walmart, which runs 21 cash-and-carry stores in India, a stronger foothold in Asia's third-largest economy where it has struggled to expand in the last decade, partly due to restrictions around foreign investment in bricks-and-mortar retail.
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British industrial group Rotork saw its stock jump 7.7% after reporting first half results, while shares of German cash and carry group Metro continued a tough week, falling 7.6% after Czech investor Daniel Kretinsky's investment vehicle said on Monday that it would not raise its 5.8 billion euro bid for the company.
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Booker, which supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio's and also operates the Makro cash and carry business, reported a 15 percent rise in annual profit and said revenue in the first seven weeks of its new financial year was ahead of the same period last year.
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Booker, which supplies the Budgens, Londis, Happy Shopper and Premier convenience chains and also operates cash and carry business Makro, said group sales rose 2110 percent in the 13 weeks to March 21, while like-for-like sales were up 21 percent in the period, the last quarter of its financial year.
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It allows us to turn over the entire assortment in the store every month with each of our new ModCloth signature collection deliveries...and then with the cash-and-carry, which is predominantly non-apparel — jewelry, eyewear, handbags, home gifts, beauty — that's all in stock, which helps to complete the look, tell the story.
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" According to the regulators, led by Pennsylvania Secretary of Banking and Securities Robin L. Wiessmann, "[e]stablishing a safe harbor for banks to serve these entities would help reduce the risk associated with large cash-and-carry operations and bring the safeguards, activities, and sales associated with this business into the regulatory reporting compliance framework.
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German cash and carry group Metro fell 11% after the European Commission approved its unconditional sale of Real to the SCP Group, while Anglo American Platinum shares slid almost 9% after an explosion caused the temporary shutdown of one of its plans, forcing the world's second-biggest platinum group to declare force majeure and cut its output guidance.
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L, the country's largest cash and carry wholesale supplier, for about 3.7 billion pounds ($4.64 billion), cementing its dominant position in the UK. * BT: BT, the telecoms group reeling from an accounting scandal and a slowdown in its government work, said it was seeing record growth in its EE mobile unit and good momentum in consumer operations in a bid to reassure investors.
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Once a sprawling retail conglomerate, Metro has been restructuring in recent years to focus on its core cash-and-carry business, selling Kaufhof department stores and then splitting from consumer electronics group Ceconomy AG. Reporting by Kane Wu and Julie Zhu in Hong Kong; Additional reporting by Matthias Inverardi in Dusseldorf, Pei Li in Beijing and Clare Jim in Hong Kong; Editing by Christopher Cushing
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"We consider the price offered by EPGC to be inadequate as it substantially undervalues Metro and, even after reviewing its further conditions, recommend our shareholders not to accept the Offer," Metro CEO Olaf Koch said in a statement here Shares in the group, which owns a core cash-and-carry business and a hypermarkets chain which is up for sale, were down 0.7% at 15.41 euros at 0835 GMT.
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