Operating profits in its domestic market slumped 40% to €302m in the first six months of the year, with sales slipping 0.2%.
In Europe, sales decreased by 4.6% to €11.5bn, but were up by 11.6% to €7.3bn in Latin America and 7.7% to €3.8bn in Asia. Group sales were up 2.3% to €39.6bn.
“In the first half of 2011, Carrefour managed to grow its sales, driven by emerging markets, but overall results were unsatisfactory, weighed down by a poor performance in France and non‐recurring items,” admitted chairman and CEO Lars Olofsson.
“We have taken the decision to favour sustainable value creation over short‐term gains and now expect our 2011 current operating income to be about 15% lower than last year,” he added.
“The radical and decisive actions we are implementing with our new executive team, combined with on‐going efficiency gains, will put Carrefour back on a sound footing to rebuild momentum."