Carrefour struggles in China, France

Paris: France’s biggest retailer Carrefour reported lower profits on Thursday as it struggled in China and in its French home market where cut-throat competition weighed on margins.
Its 2016 operating performance improved in the rest of Europe and in Latin America, but not enough to prevent net profit from falling 24 per cent to 746 million euros ($785 million).
One-off tax changes were to blame for much of the fall, but stripped of exceptional items net earnings were still down 7.4 per cent, the retailer said in a statement.
Net profit on ordinary operations fell 3.8 per cent, in the ballpark of analyst expectations. — AFP