Carrefour 3Q Sales Fell, Hit By Currency Effects

   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 [e-mail] and Max Bernhard at [e-mail]

(END) Dow Jones Newswires

October 17, 2018 12:00 ET (16:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.