Carrefour Q3 sales accelerate with France, Brazil

[PARIS] Carrefour, Europe's largest retailer, said on Wednesday that sales growth accelerated in the third quarter, reflecting an improving performance in its core French and Brazilian markets.

Elsewhere in Europe, however, Spain and Italy were tough spots amid competitive pressures and challenging economic conditions.

Third-quarter sales came to 21.087 billion euros (S$33.49 billion), roughly in line with analyst estimates of 21.1 billion euros in an Inquiry Financial poll for Reuters.

Growth reached 2.1 per cent on a like-for-like basis excluding fuel and calendar effects, against 0.9 per cent in the previous quarter.

Carrefour is in the midst of a five-year plan to cut costs and jobs, boost E-commerce investment and seek a partnership in China with Tencent in a bid to boost profits and revenues and help it tackle competition from Amazon.

REUTERS