Carrefour turns around after $1.1 bln savings drive

Carrefour says a turnaround is on track.

Europe's biggest retailer saw operating profits rise 7.4% in 2019.

That after it delivered on promised cost cuts of 1.1 billion dollars over the year.

Now it's aiming to save even more as part of a five-year plan to cut costs.

The French firm wants savings to exceed 3 billion dollars on an annual basis

It's also boosting investment in e-commerce in order to take on Amazon.

Another priority is to revive flagging hypermarket sales in its home market.

Sales are up there, but analysts say razor-thin profit margins will make it hard to pile up profits.

Carrefour shares rose around 2% in early trade, shrugging off a decline on France's Cac-40 stock index.