French retailer Carrefour has announced a 75 per cent increase in first half operating profit in its domestic French market - an indication that things are starting to turn round for the retail giant.
Overall, Carrefour reported a 4.9 per cent increase in first-half profit, following an overhaul of its pricing strategy and the introduction of a decentralised store management structure.
“Amid toughening consumption trends worldwide and exchange-rate volatility, Carrefour is staying the course,” the retailer said in a statement.
However, a strong performance in France was offset somewhat by weakness in other regions; in the 'rest of Europe', earnings were down 76 per cent, while operating profits were down 6 per cent in Latin America and 13 per cent in Asia.
© 2013 - Checkout Magazine by Stephen Wynne-Jones