Carrefour Shares Surge After 3Q Sales Update
October 18 2018 - 3:49AM
Dow Jones News
By Anthony Shevlin
Shares in Carrefour SA (CA.FR) surged on Thursday following the
company's third-quarter sales update late Wednesday.
The French retailer said sales in the three months ended Sept.
30 were 21.09 billion euros ($24.42 billion), down 2.8% due to the
depreciation of the Brazilian real and the Argentine peso.
Stripping out the negative currency hit however, sales would have
grown 2.7%.
Sales in the company's domestic French market rose 2.1% as
supermarkets and other formats grew and hypermarkets remained
stable on a like-for-like basis.
At GMT 0705, shares in Carrefour traded at EUR16.59, up
6.5%.
Analysts at Bernstein said the sales update shows Carrefour's
transformation plan is beginning to pay off in France. "This is a
first encouraging quarter for the turnaround," said Bernstein.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
October 18, 2018 03:34 ET (07:34 GMT)
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