Carrefour see 1st half profit rise to $1.2 billion

French retailer Carrefour sees 1st half profit rise to $1.2 billion, hails budding turnaround

Associated Press

PARIS (AP) -- French big box store Carrefour posted a significant profit in the first half of the year, hailing it as a sign that its turnaround plan is beginning to bear fruit.

Europe's largest retailer by sales said Thursday that its net income rose to 902 million euros ($1.2 billion). But much of that boost — about 380 million euros — was from operations the company is discontinuing, raising questions about whether the company can stay profitable.

Still, the results were an improvement on last year, when Carrefour reported a loss of 31 million euros in the first half. The company said that excluding asset sales and other elements not counted in this year's reporting, its net profit last year would have been 3 million euros.

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