Second-biggest retailer retrenches in face of price competition
The world's second-largest retailer, Carrefour, has issued a profits warning.
Carrefour chairman Daniel Bernard said the company would not reach double-digit earnings growth this year, as previously promised.
The French retailer has pledged to pour earnings back into the business in an effort to cope with strong price competition in its home market.
The news has added fuel to speculation that the retailer will sell off its Japanese interests. Carrefour Japan has denied the rumour.
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