Carrefour Warns on Profits for 2004
PARIS - Global retailer Carrefour SA, based here, said yesterday it expects to miss earnings and revenue targets for 2004, due in part to price-cutting campaigns and what it called the "worsening macroeconomic environment."
Carrefour, the world's second-largest retailer, issued the warning as it posted third-quarter revenue of 20.31 billion euros ($25.15 billion), a 2.6 percent increase vs. the same period last year. That was short of the 20.55 billion euros ($25.45 billion) analysts expected.
In a statement the company said it still expected growth in earnings per share this year -- but not the double-digit expansion it had previously forecast. Carrefour said revenue from its core French superstores fell 2.9 percent in the third quarter, excluding stores built or acquired over the year.
Operations outside France performed robustly, according to the company.
Carrefour, the world's second-largest retailer, issued the warning as it posted third-quarter revenue of 20.31 billion euros ($25.15 billion), a 2.6 percent increase vs. the same period last year. That was short of the 20.55 billion euros ($25.45 billion) analysts expected.
In a statement the company said it still expected growth in earnings per share this year -- but not the double-digit expansion it had previously forecast. Carrefour said revenue from its core French superstores fell 2.9 percent in the third quarter, excluding stores built or acquired over the year.
Operations outside France performed robustly, according to the company.