When Wal-Mart Stores began expanding outside North America in the 1990s, its toughest rival was the French retail chain Carrefour. After opening the world's first big-box superstore in 1963, Carrefour spent three decades spreading its combination grocery-and-gener-al-merchandise stores across Europe, South America, and Asia. Today, the retailer is in trouble around the globe. On Oct. 13, Carrefour issued its fifth profit warning in less than a year as it reported slumping third-quarter sales in key Western European and Asian markets.
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