Carrefour has booked sales growth in the troubled markets of France and China, pushing shares in the French retailer up in morning trade today (17 October).
In a sales update this morning, Carrefour said it saw “solid” sales growth in the third quarter, with revenues up 2.7% to EUR21.1bn (US$28.7bn) at constant exchange rates.
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In France, the company reported growth across “all formats”, with sales up 3% excluding petrol.
In its domestic market, where the group generates around 40% of sales, Carrefour has struggled in particular to deliver growth at its hypermarket business. However, speaking last week at the World Retail Congress in Paris, chief executive Georges Plassat insisted the hypermarket format is “not dead”. Today, the group said French hypermarket sales rose 3%, reversing a 1.1% decline in the second quarter and a 2.9% drop in the first three months of the fiscal.
International sales rose 3.8% in the three months, Europe’s largest retailer revealed. Gains were driven by strong growth in Latin America, where sales were up 11.2%.
The company also revealed it was able to drive further like-for-like sales growth in China. The retailer said sales in China grew for the second consecutive quarter, up 1.1% after a 0.4% rise in the second quarter.
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By GlobalDataSales in the first nine months of the year were up 1.8%, the company added.
The result prompted a 2.13% increase in Carrefour shares, which rose to EUR27.40 at 11am (GMT) today.
