French retailer Carrefour Group's Q3 sales rise 4%

27 Oct '21

2 min read

Pic: Carrefour

The Carrefour Group, a French multinational corporation specialised in retail, has reported a 4.0 per cent sales growth to €20.4 billion in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. The company continued to gain market share in the vast majority of its countries during Q3 due to improvement in customer satisfaction.

“We posted another quarter of growth at group level, despite a very high comparable base, and continued to gain market share in most of our countries. Our trajectory is very solid and demonstrates our ability to generate structural growth thanks to our strong customer-centric approach, good control over our operations, notably in digital, and impactful strategic initiatives,” Alexandre Bompard, chairman and CEO at Carrefour, said in a press release.

Carrefour confirmed its market share gained momentum in France with sales up 2.1 per cent to €9.9 billion. Hypermarkets were temporarily impacted by the introduction of the sanitary pass, restricting access to large shopping malls from mid-August to the end of September, according to the company. Sales from Europe grew by 0.9 per cent to €5.8 billion reflecting mixed situations across the countries.

Moreover, sales in Latin America and Asia recorded double digit growth at 10.8 per cent and 22.3 per cent respectively.

“Our net free cash-flow objective for FY21, which was raised in July, is confirmed. With these favourable dynamics, its robust balance sheet, and thanks to the commitment of its teams, Carrefour is attractive and on the offensive, for the benefit of its customers and its shareholders,” Bompard concluded.

Fibre2Fashion News Desk (JL)

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