French retail giant Carrefour is to initiate an aggressive price-cutting campaign and aims to make its own-label range of value groceries the cheapest products available in a number of core European markets.

CEO Daniel Bernard said the rollback programme was being undertaken in order to achieve a reduction in net debt of up to €500m (US$577m), reported Dow Jones Newswires. Bernard told delegates at a conference in Madrid that the company was intent on building up its reputation as a supplier of discounted products and sensibly priced key items.

This year's price rollback will be implemented in supermarkets and hypermarkets in all European countries in which Carrefour operates, with a key focus on Spain, France, Belgium, Italy, Greece and Poland.

Bernard told delegates Carrefour is still targeting a cut in net debt of €200-500m to this year.

Carrefour's full-year financial targets are a 5%-plus increase in revenue from last year's €68.73b on a constant currency basis, and double-digit growth in net earnings per share, before and after goodwill, the article added.