Carrefour''s profit drops to €78 million in the first half

Carrefour reported on Thursday that net income for the first half to €78 million, partly backed down by the costs and charges related to restructuring the company''s global operation. In the same period last year, the giant retailer had reported a profit of €129 million.
According to Carrefour, sales in the first quarter increased 6.2%, to €43.05 billion, driven mainly by sales outside of France. The recurrent operating profit was €621 million, below expectations of €666 million.
The company announced a reduction in its sales growth prospects for this year. The growth forecast was 3% to 5% went to the range between 2% and 4%. The retailer said the results of the year will be affected by "an operating environment that will remain difficult in the second half in some countries".
According to Carrefour, the results have been difficult in France due to stiff competition. The August industry data showed that Carrefour had lost market share this summer (in the northern hemisphere) compared to competitors on French soil.