French retailer Carrefour has reported improved performance in the third quarter of its financial year as consumer behaviour continued to recover across France and Europe.
Carrefour saw like-for-like (LFL) sales growth of 8.8% in the third quarter to €23.98 billion.
The company was boosted by the performance of Carrefour-branded products, which accounted for 36% of food sales during the quarter.
Alexandre Bompard, chairman and chief executive officer, stated, “Carrefour enjoyed an eventful third quarter, notably marked by the integration of Cora and Match in France.
“Continued investment in competitiveness in France and Europe produced satisfactory results, with a sharp increase in customer satisfaction and a favourable market share dynamic.”
Divisional Performance
Carrefour saw like-for-like sales decrease by 3.0% in France as it continued with price investments.
However, it saw growth in market shares in the country, driven by the integration of the Cora and Match banners.
In Europe, sales fell by 1.5% on a like-for-like basis during the quarter in competitive markets.
The group continued to invest in prices in the region, resulting in improved performance since the beginning of September, notably in Spain.
Elsewhere, like-for-like sales increased by +5.8% in Brazil, with the retailer performing strongly across all formats.
Quarterly Highlights
Carrefour has upheld its full-year targets and repurchased shares worth €616 million as part of its €700 million share buyback programme for 2024.
The company has also completed the conversion of 34 Cora stores and plans to close the project by the end of November.
Its e-commerce GMV increased by a fifth during the quarter, while the data and retail media unit also witnessed growth.
Unlimitail, a joint venture between the retailer and Publicis Groupe, has expanded its business with 30 partners in 14 countries, the company added.
