Carrefour stocks drop amid flat European performance

15th October 2010, Comments 0 comments

Shares in French retailer Carrefour dropped on Friday with concerns over the company's flat performance in Europe outweighing a strong showing in South America and Asia.

Shares in the company, the world's second-biggest retailer, were down 4.31 percent in mid-day trading, as investors reacted to sales data released late on Thursday.

Sales in the third quarter were up by 6.7 percent to 25.61 billion euros (36 billion dollars), the company said. The growth was higher than a 6.1-percent increase forecast by analysts.

Carrefour, the world's second-biggest retailer, said its performance was strongest in South America, where sales jumped 34.3 percent to 4.52 billion euros. In Asia sales rose by 26.3 percent to 2.25 billion euros.

This contrasted with Europe, where sales dipped by 1.2 percent to 8.35 billion euros as austerity measures in many countries led consumers to cut back, the company said.

© 2010 AFP

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