Carrefour turnaround as profits rise

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Carrefour turnaround as profits rise

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Retailer Carrefour has announced a rise in operating profits.

The end of year results show an increase of 6.7 percent which amounts to €2.39bn.

The performance reflected improved profitability at its core French and European businesses and robust growth in Brazil.

Carrefour, which makes 73 percent of its sales in Europe, has suffered from a reliance on the hypermarket format it pioneered as customers shift to more local and online shopping.

In response, Carrefour has cut costs and prices, refreshed stores and given greater autonomy to managers.