Carrefour to take 550-million-euro hit on Brazil

30th November 2010, Comments 0 comments

French retailer Carrefour said Tuesday it would take a 550-million-euro (715-million-dollar) charge on its Brazilian hypermarkets and lowered its 2010 earnings forecasts.

Carrefour said it changed its Brazilian management and conducted an audit after suspicious results, and would need to take the charge that was three times what it had expected.

The charge includes writedowns on the value of stock, provisions for litigation and uncollectable debts.

Financial Director Pierre Bouchut said operating profit at the world's second-biggest retailer was now set to come in around three billion euros, down around 130 million euros from its previous forecast.

© 2010 AFP

0 Comments To This Article