France: Carrefour Sees 2011 Profit Fall at Low End of Target
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Tuesday, 24 January 2012 |
Carrefour has announced that the decline in its 2011 profit will be at the more pessimistic end of its predicted range of 15-20% as a worsening economic climate in Europe and in its core French business hit quarterly sales, raising doubts over its turnaround.
In view of tough economic conditions, the the world’s second biggest retailer said it would now review the roll-out plan and capex allocation for its 2012 hypermarket revamp (dubbed Carrefour Planet) country by country. This is likely to pile pressure on the company from investors, which have been issued with six profit warnings in a little more than a year, along with several strategy U-turns.
The group, which boasts over 9,500 stores in 32 countries, reported a 0.8% drop in fourth-quarter sales to €24.15 billion on Thursday, below the €24.32 billion average forecast in a Thomson Reuters poll of eight analysts.
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