Price cuts hurt Carrefour’s sales

Europe’s biggest retailer, Carrefour, reported lower first quarter sales than analysts had expected yesterday. First quarter sales were €22.5bn (£18.6bn). Sales fell 2.1 per cent, not including fuel, currency and calendar effects, while French hypermarket sales dropped 5.8 per cent. It said that its recently implemented ‘Reset’ plan for French hypermarkets had also hurt sales, as volume growth had not yet made up for its price cuts.