August 31, 2017 / 7:32 AM / a year ago

Shares in retailer Carrefour slump after profit warning

PARIS, Aug 31 (Reuters) - Shares in Carrefour slumped on Thursday after the world’s second-largest retailer warned 2017 operating profit could fall by around 12 percent.

Carrefour shares were down by around 10 percent in early trading, while Carrefour’s French rival Casino also lost ground.

Late on Wednesday, the French supermarket retailer posted a steeper-than-expected fall in first-half earnings and cut its sales growth target.

JP Morgan cut its rating on Carrefour to “neutral” from “overweight”, while analysts at Jefferies also downgraded the stock to “hold” from “buy”. (Reporting by Sudip Kar-Gupta and Helen Reid; Editing by Keith Weir)

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