Carrefour store
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Carrefour shares down after first-half losses

Shares in French supermarket giant Carrefour have fallen by more than 3% after the company announced a surprise loss for the first half of 2011.

Europe's biggest retailer said it made a net loss of 249m euros ($360m; £221m) for the first six months of the year, compared with a 97m-euro profit in the same period last year.

It has warned profits for the full year are also likely to be down by as much as 15%, partly because it chose to raise prices just as rivals cut theirs.

Brian Milligan reports.