Summary Box: Carrefour marks $29.5B in Q1 sales

AP News
Posted: Apr 12, 2012 2:38 PM
Summary Box: Carrefour marks $29.5B in Q1 sales

THE NEWS: Struggling big-box retailer Carrefour marked a slight increase in first-quarter revenue, with strong growth in Latin America just offsetting declining sales in Europe.

THE NUMBERS: Europe's biggest retailer by revenue reported sales rose 1.5 percent to (EURO)22.49 billion ($29.53 billion), just beating the consensus estimate of (EURO)22.45 billion.

THE BACKGROUND: The company's weak spot is its core market of Europe, where a debt crisis and the global economic downturn are decimating sales and changing consumer behavior. Carrefour is now trying to switch to smaller stores and is also working on lowering prices after abandoning a plan to build more upscale stores.