French retail major Carrefour reported a 2.1% increase in sales to €22.9bn, at constant exchange rates, for the fourth quarter of the 2012 fiscal.

Like-for-like sales increased by 1.3% for the period ended 31 December 2012, when compared to the corresponding quarter of 2011.

The increase is the first to be reported by Carrefour in the last 17-months and implies a turnaround for its business in France.

Carrefour’s sales increment is attributed to the revival strategy proposed by its chief executive Georges Plassat’s that included lowering prices and reduced promotional campaigns.

Commenting on the results Carrefour finance director Pierre-Jean Sivignon remarked that despite the success of its pricing and commercial strategy, bringing business back to success was still some time away.

Sivignon added that the credit funded from selling businesses in Greece, Singapore, Colombia, Malaysia and Indonesia is likely to be used to pay debt and expand its business in core markets in Europe, China and South America.

CEO Plassat joined the retailer in May 2012 and opted to bring the chain back to profitability by reinvesting in shops, devolving store responsibility to local managers, reducing the number of operating markets and cutting down on wasteful expenditure.

As a part of the plan the retailer has made an exit from five European markets and liquidated 60% of its stake in Indonesian business for €525m.