CARREFOUR, Europe’s biggest supermarket group, pledged yesterday to increase spending on its hypermarkets under plans by new chief executive Georges Plassat to revive the business after an asset-selling spree last year reduced debt.
Carrefour said core profit in 2012 fell less than analysts had feared as a robust Latin American business helped cushion falling demand in austerity-hit Spain and Italy while the core French business showed further signs of recovery. Full-year operating profit fell to €2.14bn (£1.87bn) from €2.19 the previous year. The retailer, which sold €2.8bn of assets last year said it would invest €2.2bn to €2.3bn this year.
City A.M. Reporter