Retailer Carrefour Still Struggling In Europe
PARIS (AP) â¿¿ French big box retailer Carrefour saw its sales slip in the first quarter due to the poor economy in Europe and currency depreciation in Latin America.
The retailer said Thursday that revenue was 20.8 billion euros ($27.3 billion) in the January-to-March period. That's a 1.3 percent drop when sales from discontinued operations are excluded.
By pulling out of Singapore, Greece, Indonesia, Malaysia and Colombia, Carrefour tripled its profits last year. But sales are flagging.
The company's most worrying performance is in Europe. Sales in France fell 1 percent and 3.5 percent in the rest of the continent.Strong growth in Latin America was hidden by currency depreciations in Brazil and Argentina. At constant exchange rates, sales would have grown 14 percent. They were down 0.2 percent in the reported figure.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV