Struggling French retailer Carrefour posts losses of US$39 million in H1
APPARIS--Carrefour says it lost 31 million euros (US$39 million) in the first half of the year as the struggling big box retailer pulled out of Greece and Singapore.
August 31, 2012, 12:09 am TWN
The company said Thursday that the loss was largely due to the cost of selling its stake in Greek supermarket chain Marinopoulos, which will now exclusively operate Carrefour-branded stores in the country. The two stores in Singapore will also be closed by the end of the year.
Not including discontinued operations, the company would have posted a net gain of 199 million euros. In the first half last year, the company lost 249 million euros.
The retailer has struggled for years to engineer a turnaround and recently brought in a new CEO to regain competitiveness in Europe and push further into Asia and Latin America.