French grocery giant Carrefour is reportedly planning to spend EUR500 million (£337.9 million) on new stores in Brazil over the next three years, starting early next year.
The company said it expects sales growth in the country of about 8 per cent this financial year. However, it denied it is interested in buying Brazilian grocery chain Sonae, owned by the Portuguese retailer of the same name.
Instead, Carrefour plans to grow its existing Brazilian business organically. It operates 331 stores in the country, including 85 hypermarkets.