Companies / Turkey
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Carrefour's First Quarter Results Disappoint
May 2007 | Company News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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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