PARIS (Reuters) – Carrefour, number one in mass distribution in Europe, said on Wednesday that it was approaching the end of the year with confidence and that it was maintaining its financial objectives for 2023, even if the growth in its sales was slowed down in the third quarter.
Its turnover in the third quarter reached 23.629 billion euros, representing growth of 9% on a comparable basis, compared to 10.3% in the second quarter, announced Carrefour, which confirmed a cost reduction objective of a billion euros for this year.
The decline in sales growth reflects a slowdown in food inflation in Carrefour’s main markets – France and Brazil.
In France, hypermarket sales increased by 4.2% in the third quarter, compared to an increase of 6.6% in the previous quarter.
Amid continued pressure on purchasing power, consumer behavior remained unchanged, with a continued decline in sales and a contraction in food and non-food volumes, the company said.
In Brazil, the group’s second market, sales fell 3.7% like-for-like, reflecting the country’s shift towards food deflation during the quarter, and in a context of pressure on consumption.
Carrefour said it expects current trends to continue and confirmed its financial objectives for 2023, namely growth in its three main indicators: earnings before interest, taxes, depreciation and amortization (Ebitda), current operating income and cash. -net free flow.
Carrefour said it had now reached 664 million euros of its 800 million euro share buyback program for 2023.
(Report by Dominique Vidalon, written by Tangi Salaün, edited by Bertrand Boucey and Jean Terzian)
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