More Bad News for the Retail Sector: Carrefour Just Issued a Profit Warning

Carrefour SA (CRRFY)  shares slumped to the bottom of European markets Thursday after the world's second-largest retailer issued a profit warning for the second half of the year.

Paris-based Carrefour posted weaker-than-expected first half earnings of €661 million late Wednesday, down 21.5% from the same period last year, and slashed its full-year sales growth target to between 2% and 4% from a previous guidance of 3% to 5%. Sales for the six months ending in June were tabbed at €43.05 billion, the company said, up 3.3% from last year on a constant currency basis.

Carrefour shares were marked 13% lower in the opening minutes of trading, the steepest single-day decline in five years, to change hands at €17.24 each, taking their year-to-date slide past 35%.

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