Wednesday, August 31, 2011

Carrefour down 4.7% after reports first-half loss. Paris supermarket chain, swung to a first-half net loss on 2.3% higher sales. The group loss was 249 million euros ($359.2 million) compared with net income of 97 million euros in the year-earlier period. Excluding exceptional items, group net income fell 49% to 153 million euros from 302 million. Sales reached 39.61 billion euros from 38.71 billion. Carrefour attributed the results to an "[unsatisfactory] performance in France:" and a "tough environment in Europe," while the group's effort in emerging markets reflected "solid growth." For 2011, current operating profit, excluding the divested DIA, should decline 15% from 2010, Carrefour said in a Wednesday statement. First-half current operating profit fell 22% to 772 million euros.

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