CRRFY Carrefour SA (PK)

(Includes e-commerce sales, market comment in Europe, Latin American sales and board changes.)

 
   By Anthony Shevlin 
 

Carrefour SA (CA.FR) said Wednesday that sales in the first quarter of 2019 rose on a like-for-like basis, adding that it confirmed the targets of its transformation plan.

The French retailer said sales were 20.02 billion euros ($22.49 billion), up 2.7% on a like-for-like basis. Post-IAS sales--which take into account hyper inflation in Argentina--were EUR19.99 billion, the company said.

Sales at constant exchange rates rose 0.5%, it said.

Analysts at Jefferies expected Carrefour's year-on-year sales to fall 3%, buffeted by an Easter calendar shift, with continued market share losses in France.

Sales in the company's domestic market of France rose 1% on a like-for-like basis to EUR9.03 billion.

Carrefour said that e-commerce sales on a group level rose more than 30% during the quarter.

The company said that the market context in Europe remains "difficult."

Like for-like sales fell in Spain, Italy and Belgium.

Momentum remained strong in Latin America where like-for-like sales rose over 14%.

Carrefour confirmed the financial targets in its transformation plan which it unveiled last year. In 2019, the company expects to deepen the initiatives taken in 2018.

The retailer also said that Alexandre Arnault will replace Bernard Arnault on the board for the remainder of the latter's term of office.

Carrefour Chief Executive Alexandre Bompard said: "I am delighted that Alexandre Arnault will join the board. His joining the board confirms the commitment of the Arnault family to the group."

The company also proposes to renew the mandates for four board members: Flavia Buarque de Almeida, Thierry Breton, Abilio Diniz and Charles Edelstenne.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

April 24, 2019 12:59 ET (16:59 GMT)

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