Carrefour's shares fell to lowest

Europe's biggest retailer's second-quarter sales growth slowed on weaker spending at its French superstores. Sales rose only 6 percent to 23.7 billion euros.

Carrefour has a 10 percent increase in
the first quarter. But the second quaters sales was less than
estimated, so investors just start selling.

The 2.3 percent retreat in sales at
domestic superstores stemmed from “insufficient promotion
activity,'' Chief Executive Officer Jose Luis Duran said . French
retail sales fell in June as higher inflation sapped household
spending, and consumer confidence slid to a record during the month,
prompting the retailer to reduce annual profit- and sales-growth
goals.

The shares have declined 41 percent
this year, the most in the nine-company Bloomberg Europe Food
Retailers Index.