French retail giant Carrefour has urged caution for 2010 despite meeting expectations for fourth-quarter sales and predicting it would meet profit targets for 2009, Reuters reported.
The world's second-largest retailer said consumer weakness and rising unemployment following the global recession would make conditions challenging for some time.
Carrefour's chief financial officer Pierre Bouchut said there had been a few encouraging signs in developing markets like Indonesia and China over the past few weeks.
'They may be a sign we have hit the bottom,' he said.
Carrefour reported fourth-quarter sales of €25.99bn, up one per cent on the same period in 2008.
'For 2010 there are a few signs of improvement, but also a big question mark over the size of the planned price-cutting budget,' said Vincent Hamel, an analyst with Sal. Oppenheim.
Mr Hamel stated that Carrefour plans to invest €230m in price cuts this year down from €600m in 2009.
Carrefour also said it had appointed former Tesco executive James McCann to head its France division.
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