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Carrefour reports Q3 sales growth, progress in transformation plan

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Carrefour reports Q3 sales growth, progress in transformation plan

French hypermarket operator Carrefour SA on Oct. 17 reported third-quarter sales growth along with progress toward targets under its Carrefour 2022 transformation plan.

The company posted total sales of €21.09 billion for the period, an increase of 2.1% on a like-for-like basis compared with a year prior, helped by sales growth of 1.6% in France and 5.1% in Brazil. In Carrefour's regions of operation, sales for Latin America were up 9.7% on a like-for-like basis, offsetting declines of 1.5% for Europe and 2.8% for Asia.

Meanwhile, food e-commerce sales grew more than 30% in the third quarter as Carrefour continues to roll out an omnichannel offering as part of its digital strategy under the transformation plan. This includes deploying single entry-point websites in each market, developing online order preparation tools, and expanding pick-up and delivery services.

The retailer provided other updates on the plan that was first announced in January, including the implementation of its purchasing alliances with Tesco PLC and Système U that were formed earlier in the year. Carrefour also said it completed a voluntary departure plan at its headquarters in France covering 2,400 positions, and would start another such process in Belgium in November to reduce the workforce there by 1,000 employees.

Carrefour confirmed all its objectives set under the turnaround plan, which include cutting operating costs by €2 billion annually by 2020, disposing of nonstrategic real estate assets for €500 million by 2020, and achieving €5 billion in sales for both food e-commerce and organic products in 2022.