France’s largest retailer Carrefour reported further gains in revenue during the third quarter amid growth in its home market and an acceleration in Europe.
Revenue rose 2.2 per cent to €21.5 billion ($24.5 billion), Boulogne-Billancourt, France-based Carrefour said Friday before European markets opened. That matched the median of 17 estimates compiled by Bloomberg, as did sales in France, which rose 2.3 per cent to €10.3 billion.
The retailer had a strong quarter in Europe, boosted by gains in Spain, Italy, Belgium and Romania. Carrefour has staged a revival in the region by modernizing stores and adding collection points for online orders even as rivals such as Casino Guichard-Perrachon SA step up efforts to win customers. Sales fell in Asia amid weak consumption in China, though growth remained strong in Latin America.
“Europe has now become a growth engine for Carrefour,” chief financial officer Pierre-Jean Sivignon said on a call to reporters.
Carrefour is comfortable with the €2.45 billion consensus of analysts’ estimates for full-year recurring operating income, the CFO said. The consensus range was €2.51 billion to €2.53 billion in July. Sivignon attributed the reduction to currencies.
The shares were little changed at €27.19 at the close of trading in Paris on Thursday.
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