Summary Box: Carrefour profit in first half as it pushes on with 3-year turnaround plan

Summary Box: Carrefour returns to 1H profit

RESULTS: Carrefour SA says its three-year turnaround plan is “profoundly changing” the French retailer, which returned to a profit of euro82 million ($104 million) in the first half from a year-ago loss.

BACKDROP: Since CEO Lars Olofsson took over last year, Carrefour has sought to gain market share in France, which accounts for 40 percent of sales, by slashing prices, promoting the brand, introducing a discount range and accelerating the conversion of stores to the Carrefour banner.

WHAT’S AHEAD: Carrefour is targeting expansion in growing markets such as Brazil and China. This year, it plans 1250 store openings, including 143 in China and 374 in Turkey.