Carrefour, the world’s second-largest in terms of sales has reported a full year net loss of €531 Million (($648 million) compared to a profit of 746 million euros for the full year period ended 2016.
The retailer in a statement on its website says the loss was mainly attributed to non-recurring charges of 1.3 billion euros and poor performance from its home market of France. Carrefour’s operating margin in France, where it makes nearly 50% of its sales, fell by 0.94% to 1.9 percent.
Net sales for the year rose 2.6 percent to 76.65 billion euros from 78.90 billion euros last year.
The group said its Chinese operations remained loss-making on the back of cut-throat competition from local players and a buoyant online market.
The retailer cuts its dividend by 34% to 0.46 euro per share vs 0.70 euro per share for 2016.