No Champion

27 June 2008 By Pierre Briancon

The French retailer s shares are in a tailspin after its turnaround plan for its French supermarkets disappointed investors. Luxury mogul Bernard Arnault and Colony Capital, a US fund, are down a combined E1.3bn on their investment. Now for some bad news: things could get worse.

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Shares of Carrefour, the French retailing group, fell more than 16% June 26 and 27 after the company disappointed investors with its turnaround plan for its supermarkets chain Champion, and later posted a profit warning.

Carrefour says it is now predicting operating profit this year will rise in line with sales not faster, as it had reiterated in May after posting its first quarter results.

Carrefour shares fell 9% Thursday and 8 % Friday, June 27, giving the company a E24.6bn market capitalisation.

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