As I predicted another poor quarter for Carrefour, although they did better than analysts expected. The new CEO starts this month and we should see changes very quickly. I think though they are unlikely to affect earnings for July.
Reuters) - Carrefour, Europe's biggest retailer, said it would focus on cutting prices to lure back consumers as it braced for another tough year as cash-strapped shoppers reduced spending.
The French group, posting a 0.1 percent drop in underlying first-quarter sales, said it was hit by continued weakness in its core Fench hypermarkets and in austerity-hit Southern Europe, where shopers cut back on purchases of discretionary non-food items.
In emerging markets, China continued to struggle while Brazil put in a robust performance.
The world's largest retailer behind U.S. group Wal-Mart said first-quarter sales reached 22.490 billion euros ($29.51 billion), a year-on-year rise of 1.5 percent which reflected aditional store opening days and higher fuel prices.
Reuters) - Carrefour, Europe's biggest retailer, said it would focus on cutting prices to lure back consumers as it braced for another tough year as cash-strapped shoppers reduced spending.
The French group, posting a 0.1 percent drop in underlying first-quarter sales, said it was hit by continued weakness in its core Fench hypermarkets and in austerity-hit Southern Europe, where shopers cut back on purchases of discretionary non-food items.
In emerging markets, China continued to struggle while Brazil put in a robust performance.
The world's largest retailer behind U.S. group Wal-Mart said first-quarter sales reached 22.490 billion euros ($29.51 billion), a year-on-year rise of 1.5 percent which reflected aditional store opening days and higher fuel prices.
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