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Carrefour Plans 15M SF

PARIS-The second largest retailer reports a 6.9% profit loss in the first half of 2005, but looks forward to substantial growth by year-end.

By Dana Dubriwny | Updated on September 02, 2005

PARIS-Carrefour, the second largest retailer behind Wal-Mart, reported net profit for the first half of the year slipped 6.9% to E$687 million (US$858 million) from E$737 million (US$921 million) a year ago.

In its 2005 update report released Thursday, the company said it is on track to add approximately 15 million sf of new space in 2005 through new stores, expansions and acquisitions. Year-to-date, the company has acquired nearly 4.6 million sf of new space in Poland, Italy, Turkey, Cyprus, Brazil and France.

The company said its main focus is of hypermarket repositioning related to non-food items. The company is working to upgrade its product assortment including the development of a private label while improving the quality of its stores. Currently, nonfood now accounts for 10% of sales versus 3% five years ago.

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