Carrefour, the world's second-largest retailer, reported second quarter sales that were little changed as growth in Latin America and Asia failed to fully compensate for declines in Europe.

Revenue fell 0.3 per cent to €21.7 billion, the France-based company said today in a statement. The average of six analysts' estimates was €21.6 billion.

Excluding currency moves and gasoline, sales at stores open a year or more declined 1.3 per cent.

Carrefour, which halted a €1.5 billion plan to remodel some of its largest stores in Europe in March, is lowering prices, putting more of its own products on shelves and adding pick-up points for online grocery orders as it bids to win back customers.

New chief executive officer Georges Plassat said last month he needs at least three years to turn around the retailer and will exit markets where local competition is better placed.

Same-store sales fell 3.7 per cent in Europe, excluding currency moves and gasoline, hurt by "a depressed consumption environment in" the south of the region, Carrefour said.

Bloomberg