Europe's woes hit Carrefour results.

The Bloomberg/Business Week report on the first quarter results of the French hypermarket group contains the following significant observations from the company:

In France, which accounts for 40 percent of the company's revenue, sales barely increased in the first quarter. The company has warned that sales may be lackluster there until it completes the turnaround plan.
Sales in the rest of Europe, which make up nearly 30 percent of the company's total, fell 3.2 percent. Southern Europe has been especially hard hit, just as it has borne the brunt of the European debt crisis.