Carrefour, the world's second-largest retailer, says it will step up investments to renovate and open stores this year to cement its turnaround in Europe and revive weak sales in China. Hayley Platt reports.
An impressive set of results from French retailer Carrefour. It's delivered its fourth consecutive year of revenue and earnings growth, with operating profit up 2.4 percent. Profits in Europe, excluding its home market, rose by a third - driven by a recovery in Spain and Italy. The world's second-largest retailer after Walmart has has been cutting costs and prices. It's also moved away from hypermarkets and into convenience stores. As customers shift to shopping locally and online. Sales in France though - it's biggest market fell more than 6 percent. That's partly because of higher property taxes and its acquisition of Spanish retailer Dia. Offsetting that - Latin America - performing well in a difficult economic environment. China - which accounts for just 5 percent of sales - is still a weak spot. But Carrefour says it's making China a priority. It wants to expand its e-commerce and convenience stores there. And open a logistics centre to help cut costs.