French retail giant Carrefour has warned that operating profits for this year will not meet original expectations.
A day after declining to provide guidance as it announced the rebranding of its Champion chain, the retailer said operating profits are expected to grow “at around the same rate as sales” based on “no further deterioration” in consumer spending. Sales are expected to increase about 7 per cent.
Earlier this year, Carrefour said that profits were likely to exceed sales growth.
The retail giant will rebrand its 1,000-store French chain Champion as Carrefour Market over the next 24 months. It began testing the new fascia in 13 stores seven months ago, and has reported a 10 to 15 per cent uplift in those shops.
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