Carrefour Sales Up 1.9% In Q3, Despite Declines In France
French retail group Carrefour has reported that sales grew 1.9% to €21.9 billion in the third quarter of its financial year.
The retailer says that this growth was driven by increases in Europe and Latin America, with an improvement seen in non-food sales.
In its home market of France, however, Carrefour posted sales of €10,042 million, representing a decrease of 1.3% compared to the same period last year.
Overall, these figures bring Carrefour's total sales for the first nine months of 2017 to €64,912 million - an increase of 2.8% at constant exchange rates.
Carrefour notes that its sales in France were down by 0.9% on a like-for-like basis, due to a 'persistently challenging competitive environment'. Deflation in fruit and vegetable prices, as well as adverse weather conditions, also impacted this performance.
Elsewhere in Europe, total sales increase by 4.9% at constant exchange rates and by 0.6% on a like-for-like basis, with strong growth in Poland (+4.4%) and Romania (+9.2%).
In Latin America, Carrefour's like-for-like sales were up by 4.4%, boosted by group performance in Brazil and Argentina, however, in Asia, like-for-like sales dropped 3%.
For the full year 2017, Carrefour is anticipating that sales should grow by between 2% and 4%, and operating income should be roughly in line with that of the first half.
Last month, Carrefour chairman and CEO Alexandre Bompard announced the appointment of a new group chief executive committee.
The retail group says that this new team has been rapidly put in place and is 'fully mobilised to bet ermine the transformation's key pillars', which are set to be presented by the end of the year.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.