Carrefour remains cautious after modest Q1 | Progresiv
Carrefour has sounded a cautious note for its current fiscal year, after reporting slowing sales growth for its first quarter. For the three months to 31 March 2018, sales grew by 0.8% to 20.78 billion euros on a calendar-adjusted basis (excl. fuel), with like-for-like sales up 0.4% on the same basis. 
Sales (excl. fuel) in its home market were down 1.2% to 9.5 billion euros, with LFL sales edging down 0.1%. The results were dragged by weakness at its hypermarkets and supermarkets, although sales at its neighbourhood store formats reported growth.
Across Europe, sales edged up 0.1% to 11.3 billion euros on an organic basis, although LFL sales dipped by 0.8%. While Carrefour reported growth in Spain (+0.4%), Poland (+1.2%), and Romania (+10.3%), it was hurt by declines in Italy (-3.2%) and Belgium (-1.2%).
Meanwhile, sales in Latin America grew by 7.4% to 3.98 billion euros (LFL +4.5%), helped by a strong 21.2% jump in Argentina. However, sales in Asia were down 4.3% to 1.77 billion euros (LFL -3.9%), as its units in mainland China continued to struggle (sales down 7.7%).
The group said the initial implementation of its ‘Carrefour 2022’ strategy has been positive, resulting in “positive momentum in gains on direct and indirect purchasing”. It also noted that the roll-out of its omnichannel offer is being accelerated. However, it also warned that its full-year results “remain closely linked” to foreign currency fluctuations, in particular those of the Brazilian real. (www.kamcity.com)
