Retailer Carrefour in profit fall as sales stall


Last Updated at 27 Feb 2015, 11:35 ET *Chart shows local time Carrefour intraday chart
price change %
29.57 +

Net profits at French supermarket group Carrefour, the world's second-biggest retailer by revenue, fell by 14% to 371m euros ($490m; £310m) last year.

Net sales were helped by growth in emerging markets, but overall still only rose by 1% to 81.3bn euros.

Carrefour said it was halting conversions of its new Carrefour Planet hypermarkets after 2012 because results so far were short of expectations.

The firm said in 2012 it would exercise "strict cost and cash discipline".

Carrefour has seen profit at its hypermarket business decline through lower prices and falling foot traffic.

A plan to give them a new look has not made enough of a difference, hence the halting of the hypermarket upgrades.

"In 2012, we will capitalise on our strengths while exercising strict cost and cash discipline to adjust to the environment in which we are operating,'' said chief executive Lars Olofsson.

Carrefour made an operating profit of 2.18bn euros in 2011.

More than 70% of the firm's sales are in Europe but this is its slowest growth area.

In contrast, business in Asia and Latin America is growing.

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories


Features & Analysis

Elsewhere on the BBC

  • KnucklesGood or bad?

    For many it can be very satisfying to 'crack' the bones in your hand, but is it bad for you?


  • BatteriesClick Watch

    More power to your phone - the lithium-ion batteries that could last twice as long

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.