CARREFOUR SINKS INTO RED AS SHOPPERS START TO SAVE

       French supermarket giant Carrefour, ranked world No 2, yesterday said it had slipped into the red for t he first half in difficult times but still confirmed its 2009 earning targets.
       The company, second only to Wal-Mart of the US, posted a net loss of 58 million euros(Bt2.8 billion)in the six months to June after taking exceptional charges of Euro511 million.
       Operating profit fell 27.6 per cent from a year earlier to Euro1.01 billion.
       The results reflect both a difficult environment and the company's strategic choices as it positions itself going ahead, said finance director Pierre Bouchut.
       If the exceptional charges were stripped out, net earning were down 42.4 per cent to Euro415 million, Carrefour said.
       Analyst forecasts had been for a net profit of around Euro100 million euros after exceptional charges of Euro550 million.
       Carrefour said it still expected a 2009 operating profit before exceptional items of Euro2.7 billion to Euro2.8 billion if current trends and sales continued.
       It also confirmed its target to secure cost saving of Euro4.5 billion by 2012, with Euro212 million achieved in the first half this year.
       Carrefour said sales had held up well in the six months, with revenue down 1.6 per cent from a year earlier but up 1.9 per cent if fuel, exchange effects and seasonal-adjustments were taken into account.
       "We are a good way towards achieving our 2009 objectives, towards carrying out our transformation plan," Carrefour head Lars Olofsson said.