Carrefour to up spending

City A.M. Reporter
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.