Struggling French retailer Carrefour posts losses of US$39 million in H1

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.

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