France's Carrefour unveils EUR 4.5bn cost-cutting plan
(PARIS) - French retail giant Carrefour unveiled a new plan Tuesday to cut costs by 4.5 billion euros (6.3 billion dollars) by 2012 following a plunge in profits last year.
Carrefour chief executive Lars Oloffson announced the new measures, saying they would help boost growth and improve margins.
The plan will concern mainly Belgium, France, Italy and Spain, Oloffson said, adding that he would aim not to cut jobs.
Carrefour saw net profits plunge 44.7 percent in 2008 as a result of food price spikes last year and the beginning of the global economic crisis.
In March, the company said it expected "a difficult environment" in 2009.
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