Carrefour's First Quarter Results Disappoint

According to reports in the local press, French retailer Carrefour's Turkish operations have recorded major losses for the first quarter of 2007. Sales were down by 19% to TRY456.1mn (US$328.5mn) causing tremendous losses of TRY48.9mn (US$34.5mn), representing a 36% rise. Despite this blow to its operations, the company has reiterated that it is looking to increase the number of its Carrefour Express stores up to 100 in Turkey, as a means of improving the profitability of its supermarket division. Recently Haluk Dincer, chairman of Carrefour's Turkish operations, said that with this aim in mind, the company is re-branding stores, which

To read the full article, please choose one of the following options: