Investors are as pessimistic as never in regards to the largest French retailer Carrefour SA, Bloomberg reports.

Company’s shares dropped 40% since Alexandre Bompard became the CEO last July. Shares lost whole 8,6% last week and closed at six-year low, since some brokerages warned that first half results of Carrefour will most likely be disappointing for investors.

Investors were more optimistic when new CEO was appointed. He announced new turnaround plan. Bompard planned for 2 billion euro cost reduction, 2400 jobs cut, initiated partnership with Chinese media giant Tencent Holdings Ltd. and British Plc., and focused on ecommerce.

However, all these attempts did not bring any positive results to company’s market share and stocks.

Carrefour’s management thinks that strategy will not bring immediate results, while shares drop reflects general tendency in retail sector.