Full-year profits slumped 14% at French retailing giant Carrefour.
The world’s second-largest retailer said profits dropped to €371m in the year to 31 December 2011, on sales up just 1% at €81.3bn.
Its operations in Greece reported a loss, while the company also admitted it was mothballing plans to roll out its Planet hypermarket format in Europe.
“In 2012, we will capitalise on our strengths while exercising strict cost and cash discipline to adjust to the environment in which we are operating,” said Lars Olofsson, chairman and CEO of Carrefour.
“Carrefour will continue implementing its Reset Plan in France as well as local action plans in Southern Europe, aiming at consistent lower prices, more targeted promotions, and a considerably enhanced Carrefour‐branded product offer.”