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Mar 1, 2018
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Carrefour shares crumble after retailer's weak results

By
Reuters API
Published
Mar 1, 2018

Shares in French supermarket retailer Carrefour fell sharply on Thursday after Carrefour posted lower operating profits for a second year running and issued a cautious outlook.



Carrefour shares were down 7.3 percent in early session trading, with the stock among the worst performers on both Paris' benchmark CAC-40 index and on the pan-European STOXX 600 index.

Carrefour, the world's second-largest retailer behind Wal-Mart, said late on Wednesday that it expected currency exchange rates, along with restructuring and one-off charges, to weigh on profits this year. It also posted lower operating profit for a second year running.

"An eye-catching 2 billion euros (1.7 billion pounds) of gross cost savings aids blue-skying over the longer term. However, nearer-term competitive and foreign exchange conditions remain highly volatile," wrote analysts at investment bank Jefferies, who kept a "hold" rating on Carrefour shares.

Carrefour shares, which fell around 20 percent last year, are down around 3 percent so far in 2018.


 

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