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PARIS, Aug 31 (Reuters) - Carrefour (CARR.PA), Europe's top retailer, said the summer sales trend was mixed in Europe but demand was holding up in emerging markets and confirmed it expected operating profit to rise this year.

Tight cost control and buoyant emerging markets lifted first-half profit by 7.6 percent, in line with guidance given in July, while Carrefour was making headway on its plan to revamp its hypermarkets in Europe to boost lagging sales.

Chief Financial Officer Pierre Bouchut told a conference call that sales trends at Carrefour were "rather satisfactory" in Europe in July but "slightly disappointing" in August while demand was sustained in emerging markets.

The cautious comments, coupled with news of an unexpected 69 million euro one-off charge in Brazil, where Carrefour also faces weak hypermarket sales, kept the shares under pressure.

"Although figures were in line with expectations, comments from the CFO about the European summer sales took the shine off and it looks as though whilst the French business may be improving, some of Carrefour's other key markets are deteriorating," said Execution Noble analyst Caroline Gulliver.

The world's No.2 retailer by sales behind U.S. group Wal-Mart (WMT.N) confirmed that it expected an underlying operating profit of around 3.1 billion euros ($3.9 billion) this year, having achieved 1.096 billion in the first-half.

"Our transformation plan is delivering planned results and makes us confident of achieving our 2010 objectives," Chief Executive Lars Olofsson said in a statement.

Carrefour has launched a three-year overhaul plan aimed at tackling underperformance in its main western European markets and delivering 4.5 billion euros of savings.

FOCUS ON HYPERMARKET REVAMP

The French group, which has over 15,500 stores in 35 countries, achieved cost savings of 236 million in the first half, nearly half the 500 million targeted for the full year.

By 1020 GMT, Carrefour shares were off 1.77 percent at 35.47 euros, having erased earlier gains.

"First-half results are in line with July 15 guidance, FY 2010 outlook unchanged and in our view it remains 'hold' at best, with better value elsewhere in the sector, particularly looking at Tesco, Morrison and Ahold," RBS said in a note.

Retailers, particularly in developed markets, are battling to emerge from a deep recession and worry that steps to rein in government debt -- like higher taxes and public spending cuts -- could hit consumer demand in the months ahead.

Last week, Dutch grocer Ahold (AHLN.AS) posted a small rise in quarterly underlying sales in its main U.S. market, bucking the trend in an industry which has been hit hard by fears over the strength of the economic recovery.

Earlier this month, Wal-Mart Stores Inc said it would focus on curbing expenses to boost profit this year as consumer sentiment remains soft.

Analysts said the focus was now very much on Carrefour's plan to revamp its European hypermarkets, notably in France where the format accounts for more than 50 percent of sales.

Olofsson told a news conference that Carrefour was "way ahead of where we thought we'd be" on the revamp plan.

But he would not discuss costs ahead a Sept.16 investor day that will detail the plan, which is aimed at luring back customers who prefer to shop closer to home or in specialty stores.

Last week, Carrefour unveiled some of the new features of its renovated hypermarkets at one of its pilot stores in Ecully, near Lyon, including expanded aisles, specialised beauty or snacking areas and baby-sitting services.

CFO Bouchut said on Tuesday that Carrefour will accelerate expansion in key growth markets like Indonesia, Brazil, Turkey or China in the second half.

He repeated Carrefour was looking at exiting countries where it was not among the market leaders, while seeking to expand in markets where it was or could be a leader.

But he would not comment on reports the group was looking to sell assets in southeast Asia.

Carrefour shares have underperformed the STOXX Europe 600 retail index .SXRP this year but trade at a higher multiple of forecast earnings than Wal-Mart and British rival Tesco (TSCO.L) due to optimism about its turnaround plan.

(Editing by James Regan and David Cowell) ($1=.7861 Euro)