Carrefour 3Q Sales Fell, Hit By Currency Effects
October 17 2018 - 12:15PM
Dow Jones News
By Anthony Shevlin and Max Bernhard
Carrefour SA (CA.FR) said Wednesday that third-quarter sales
fell slightly, partly due to a depreciation of the Brazilian Real
and the Argentine Peso.
Sales in the quarter fell 2.8% to 21.09 billion euros ($24.42
billion) compared with the same period last year. Excluding
currency effects, sales would have grown 2.7%, the French retailer
said.
In France, sales rose 2.1% to EUR10.10 billion as Carrefour's
supermarkets and other formats segments grew and the hypermarket
business remained stable on a like-for-like basis.
Sales grew 5.1% in Brazil on a like-for-like basis, Carrefour
said.
In January, the company announced a sweeping reorganization,
including job reductions and potential store closures aimed at
shoring up its faltering performance.
Analysts at HSBC said Carrefour's transformation plan is on
track and that the company's 3Q results should show improvements in
core markets such as France and Brazil.
The company confirmed the targets of its 2022 strategic plan,
including the goal to cut costs by EUR2 billion on an annual basis
by 2020.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com and Max
Bernhard at max.bernhard@dowjones.com
(END) Dow Jones Newswires
October 17, 2018 12:00 ET (16:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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