PARIS —Carrefour SA said on Thursday its sales fell 1.3 percent in the third quarter, despite the resilience of its key domestic market, as sales in the rest of Europe remained sluggish and negative currency effects impacted its results in Latin America.
The world’s second-largest retailer behind Wal-Mart Stores Inc. reported sales of 21.11 billion euros, or $27.96 billion, in the three months ended Sept. 30. All dollar rates are calculated at average exchange rates for the period concerned.
“Overall, we are encouraged by the solid performance recorded in the quarter in both our domestic markets as well as in our growth markets,” the company’s chief financial officer Pierre-Jean Sivignon told analysts during a conference call.
“This is further proof of the resilience and the balance of Carrefour’s business model across its formats. It’s also proof that the action plans that we are implementing are starting to deliver results,” he added.
“However, we remain cautious as we head into the important fourth quarter given the uncertainty and volatility of the macroeconomic environment. In this context, Carrefour will continue to focus on its key priorities,” Sivignon said.
As part of a broad-ranging reorganization since the arrival of chief executive officer Georges Plassat in May 2012, Carrefour has sold off non-core interests to focus on markets where it has a leadership position.
It has also decentralized management to give more responsibility to regions and stores. Last month, the retailer announced Sivignon would take on the additional duties of overseeing the group’s branches in Spain and Italy, effective Oct. 1, in the framework of a regional reshuffle.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)