French retailer Carrefour loses $39M in first half

French big box retailer Carrefour loses $39M in 1st half as it pulls out of Greece, Singapore

Associated Press

PARIS (AP) -- Carrefour says it lost €31 million ($39 million) in the first half of the year as the struggling big box retailer pulled out of Greece and Singapore.

The company said Thursday that the loss was largely due to the cost of selling its stake in Greek supermarket chain Marinopoulos, which will now exclusively operate Carrefour-branded stores in the country. The two stores in Singapore will also be closed by the end of the year.

Not including discontinued operations, the company would have posted a net gain of €199 million. In the first half last year, the company lost €249 million.

The retailer has struggled for years to engineer a turnaround and recently brought in a new CEO to regain competitiveness in Europe and push further into Asia and Latin America.

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