Carrefour, the world's second-largest retailer by sales, said trading conditions would remain “challenging” this year but that it was reaping the first fruits of its three-year turnround plan, as it announced a 70 per cent drop in 2009 net profit.
Lars Olofsson, chief executive, said: “I don't see any significant improvement in the short term in the economic environment. That means very clearly ... that we have to rely on our own performance [to drive growth].”
Net profit fell to €385m ($522m) in 2009 from €1.3bn in 2008, with sales down 1.2 per cent at €86bn.
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