Carrefour 2011 sales up 1.1 pct to $117 billion

French retailer Carrefour SA says sales grew minimally in 2011 and expects to report a drop of up to 20 percent in profits for the year.

Europe's largest retailer by sales has repeatedly lowered profit expectations in recent months. On Thursday, it said its 2011 profits would likely be at the bottom of the last range it gave, a drop between 15 and 20 percent over 2010.

The company posted (euro) 91.5 billion ($117.4 billion) in sales last year, up 1.1 percent, driven by strong demand in Asia and Latin America as Europe's debt crisis decimated consumption in Carrefour's largest markets.

Carrefour says the roll out of its upmarket Carrefour Planet stores for 2012 would be "pragmatically reviewed" in light of economic conditions. The company hoped those stores would re-energize European sales.