Subscribe to the BlogProfits at Carrefour, the world's second-biggest retailer, have fallen 70%, hurt by asset writedowns in Italy and price-cutting.
Net profit fell to 385m euros (£337m) last year from 1.27bn euros in 2008. Sales fell 1.2% to 86bn euros.
Carrefour cut its prices in 2009 to attract cautious consumers in its key markets of France and western Europe.
However, sales fell in both areas, although the company said it increased its market share in France slightly.
Sales rose in Latin America and Asia by 11.9% and 8.4%, respectively.