Carrefour reports first-half loss of $82.75M

Paris Carrefour SA said Friday it booked a euro58 million ($82.75 million) loss in the first half, after writing down the value of Italian assets, and as recession-shy shoppers cut back on spending.

The company, which appointed a new CEO last year to improve performance, said it booked the net loss in the six months through June, compared with a net profit of euro744 million a year earlier.

Revenue fell 1.6% in the first half to euro41.27 billion.

Carrefour, second only to U.S.-based Wal-Mart Stores among the world's biggest retailers, booked euro511 million in charges in the first half. This included euro60 million in restructuring charges and a euro400 million impairment charge after adjusting for the market value of Italian company Finiper, in which Carrefour owns a 20% stake.

New CEO Lars Olofsson, a former Nestle SA executive, said Carrefour is operating in a "challenging environment," but that sales were "resilient," and the company is on track to meet its 2009 targets.