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Carrefour sales fall, reaffirms profit expectations

Paris -- French retail giant Carrefour reported Thursday that sales in the second quarter dipped 0.3% to $26.5 billion, beating analysts’ expectations and prompting the retailer to issue earnings guidance to match 2012 expectations of $2.5 to $2.6 billion.

The world’s second largest retailer behind Wal-Mart has been hurt by sliding sales in Europe, as well as strategic missteps in an uncertain economy. But the upbeat report comes just a few weeks after newly appointed CEO Georges Plassat warned it would take three years to turn the company around.

In France, revenue fell 2.1% in the quarter, described as “unsatisfactory” by the company. In Asia, Carrefour's revenue jumped 14% in the second quarter, bolstered by a favorable currency effect. In Latin America, sales rose 2.7%.
 

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