January 17, 2018 / 4:55 PM / 6 months ago

Retailer Carrefour again lowers 2017 profit forecast ahead of strategy plan

PARIS, Jan 17 (Reuters) - Carrefour on Wednesday lowered its 2017 operating profit forecast for the second time in six months amid slowing full year sales, as its new boss prepares to unveil a revival plan for the world’s second-largest retailer next week.

The French supermarket retailer said it now expected 2017 recurring operating profit at around 2.00 billion euros ($2.45 billion).

That would mark a year-on-year fall of 15 percent at current exchange rates, worse than the 12 percent drop Carrefour had forecast in August.

Carrefour, which is Europe’s largest retailer, said 2017 sales reached 88.240 billion euros, a like-for-like rise of 1.6 percent but a slowdown from 3 percent growth achieved in 2016.

Fourth quarter sales alone, however, reached 23.328 billion euros, slightly above analysts’ estimates of 23.2 billion euros.

Stripping out fuel, currency and calendar effects, fourth quarter revenue grew 1.9 percent year-on-year, a sequential improvement from 0.5 percent growth in the third quarter.

$1 = 0.8175 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta

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