PARIS — Carrefour SA is continuing to see the fruit of its turnaround plan implemented two years ago.
Recurring operating profits for the retailer, the world’s second largest behind Wal-Mart Stores Inc., saw a 6.7 percent rise year-on-year in 2014 to 2.39 billion euros, or $3.18 billion, in line with previous guidance.
“[The year] confirms Carrefour’s dynamism,” chief financial officer Pierre-Jean Sivignon said at the firm’s annual results conference here Thursday. “The group saw its best progress in five years.”
Carrefour said improved profitability in France and the rest of Europe stemmed from its efforts to enhance its multiformat offer to be less reliant on hypermarkets, as well as from an improving economic climate in Spain.
“France illustrated the dynamism of the multiformat model,” Sivignon continued. “In Europe, the recovery is encouraging. In emerging markets, our performance, carried by Latin America, is remarkable. In China, we are evolving our model…
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