Carrefour’s chief executive officer Alexandre Bompard said the company had undertaken an “unprecedented transformation” in 2018.
Discontinued operations made a significant contribution to the supermarket’s losses with the closure of 273 Dia stories resulting in a loss of some 301 million euros.
However, net profit actually rose by almost 4 per cent to more than 800 million euros when adjusted for exceptional items.
The company said the Yellow Vest protests had impacted on operating profit with Carrefour’s hypermarkets and non-food sectors being affected.
CEO Bompard put a positive spin on the results, saying the “encouraging results” enabled the French firm to “revise upwards a number of 2022 targets”, according to a statement.
Its cost savings targets were raised from 2 billion euros to 2.8 billion euros by 2020.