Carrefour SA was first listed on the French stock market in 1970. First opening stores in France during the 1960s, Carrefour went on to open the first hypermarkets in France and Europe. First started expanding into the rest of Europe in the early 1970s and 1970s. At the same time the ED discount format was introduced. The Carrefour own-label was introduced in 1985. The first non-European store was opened in Brazil in 1975. Carrefour's first Asian store opened in Taiwan in 1989. Carrefour announced its intention to merge with Promodès at the end of August 1999 with the merger approved in January 2000. The Carrefour name was retained with the majority of Promodès stores rebranded. The merger pushes Carrefour to second place in global retailing. Carrefour operates a diverse portfolio of formats, including hypermarkets, supermarkets, discount stores, cash & carries, c-stores and a number of neighbourhood store formats for independent retailers. Pioneer of hypermarket format. All hypermarkets trade under the Carrefour banner worldwide. With the opportunities for hypermarket openings in developed markets slowing, Carrefour’s strategy is to use the format to establish itself in emerging markets around the world. Supermarkets trade under a variety of fascias, although Champion is the most important. Discount stores are operated by Dia. Dia is now seen as a key brand for Carrefour’s future growth. Given the success of the Dia format with its high profitability levels, it is not surprising that Carrefour is placing more emphasis on the discount banner in order to grow internationally – especially in South America and Asia. The strategy is to establish all these major formats (hypermarkets, supermarkets and discount stores) in all countries. January 2003 - Carrefour has reported a slip in gross sales for 2002 of 1.6% to EUR76.78 billion. Although currency effects in emerging markets (devaluations in Brazil and Argentina and weaker Asian currencies) knocked sales growth back, on a constant currency basis sales rose by 4.5%. January 2003 – Unconfirmed reports suggest Carrefour is to enter Bulgaria. This follows on from reports throughout 2002 that the group is planning entry into Russia and the Philippines. December 2002 - Opening of the first Carrefour hypermarket in Egypt by the Majid Al Futtaim group which holds the Carrefour franchise for countries in the Middle East. December 2002 – Carrefour acquires the 20.3% stake not already owned in its Spanish subsidiary, Centros Comerciales Carrefour.