Carrefour (CARR.PA), the world's No 2 retailer, said it banked on higher sales and operating profit in 2011 and showed confidence in the success of its plan to turn around its struggling European hypermarkets, promising to deliver more cost cuts. Carrefour, Europe's biggest retailer which is in the midst of a three-year turnaround plan, said on Thursday it expected to achieve 480 million euros ($666.5 million) in cost savings this year and vowed to accelerate its expansion in emerging markets. This came two days after the French group announced plans to spin off discount chain Dia and 25 percent of its European property arm in another bid to revive investors' interest after two profit warnings last year. [ID:nLDE7200LF] Carrefour, which ranks just behind global leader Wal-Mart (WMT.N), also said current operating profit rose 9.3 percent to 2.972 billion euros in 2010, in line with company's guidance for 2.965 billion, and driven by growth in Asia and Latin America.
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