Carrefour to pull out of Russia expansion

Paris Carrefour SA is pulling out of its expansion plans in Russia due to the “absence of significant organic growth,” the company said Thursday.

Carrefour said it plans to sell its Russian initiatives just four months after opening its first hypermarket in Moscow.

Carrefour currently operates two hypermarkets in Russia -- in Moscow and Krasnodar.

Carrefour also announced that its third-quarter sales slipped 2.9% to euro24.0 billion ($35.8 billion).