FRANCE: Carrefour Reports Solid Q1 Growth

Carrefour has reported solid growth for its fiscal first quarter, helped by improvement in food sales, and reiterated its full-year forecast.

For the quarter, sales were up 6.2% to €21.3bn, although organic sales were up by a more modest 1.9% on a calendar-adjusted basis (excl. fuel). Sales in France were up 0.8% to €9.4bn, while International sales jumped up 10.9% to €11.9bn.

In its home market, which remained “very competitive”, the group was helped by its convenience (+5.5%) and supermarket (+1.1%) formats, which offset a 0.8% decline at its hypermarkets.

The strongest performance came at its Brazilian operations, where sales surged up 37.6% to €3.67bn (+10.5% organic, calendar-adjusted, excl. fuel), while its China unit continued to remain weak, with sales slipping by 8.6% to €1.45bn (-4.1% adjusted).

Carrefour said it continues to expect full-year sales to grow by 3%-5% on a constant-currency basis.