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French riots and looting hit supermarket chain Carrefour
LONDON: Carrefour is facing an “unprecedented situation” in France due to riots and looting, the supermarket chain’s CEO said on Tuesday, forcing the company to cut its annual profit margin targets as curfews and higher security costs hit its business. Carrefour said the unrest was hurting consumer confidence that was already weak due to a surge in fuel prices, and is reducing footfall at its stores as the key fourth-quarter trading period begins. “The direct costs add up to several tens of millions of euros … of stolen or destroyed merchandise, damaged stores, damaged equipment, and then ther...
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