Carrefour, the world’s second largest retailer, has said it expects a tough 2010 as it posted a plunge in profits.
Operating profit was down 16 percent as sales slipped 1.2 percent but its overall earnings slumped 70 percent to 385 million euros.
That was due to writedowns in the value of assets in Italy and price cuts to lure cash-strapped shoppers.
Carrefour, which has over 15,500 stores in 35 countries, suffered a particularly weak performance in its home market France.
It is also reviewing its Belgian operations.