Struggling French retailer Carrefour posts losses of US$39 million in H1
August 31, 2012, 12:09 am TWN
PARIS--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.
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.