France-based multinational retail company Carrefour has reported that its like-for-like (LFL) sales grew by 9.0% to €23.62bn ($24.99bn) in the third quarter (Q3) of fiscal year (FY) 2023.
During the quarter, the retailer’s LFL sales in France increased by 4.3%, driven by food sales.
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Carrefour delivered 4.1% LFL sales growth in Europe in Q3 FY23, driven by 5.0% and 7.5% LFL growth in Spain and Belgium, respectively.
The retailer’s LFL sales in Latin America increased by 20.2%, driven by 141.2% growth in Argentina. LFL sales in Brazil dropped by -3.7%.
For the first nine months of the fiscal, Carrefour’s sales increased by 10.4% to €69.07bn ($73.08bn) on an LFL basis.
Sales in France grew 6.2% over this period while LFL sales rose by 20.7% in Latin America.
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By GlobalDataCarrefour chairman and chief executive officer Alexandre Bompard said: “In a context of continued pressure on the purchasing power of our customers, our group confirmed the solidity of its commercial momentum and the attractiveness of its model, thanks to the tireless commitment of its teams.
“In the third quarter, we continued the implementation of the Carrefour 2026 plan, in particular through the deployment of the Maxi method in our European stores, the full operationalisation of ‘Eureca,’ our European purchasing platform and the continuation of our digital transformation, with robust e-commerce growth and increasing use of tech & data solutions. In this context, Carrefour enters the end of the year with confidence and confirms its full-year 2023 objectives.”
In July this year, Carrefour reached an agreement with Belgian retail group Louis Delhaize to acquire the Cora and Match banners in France for €1.05bn ($1.16bn).
The deal for Cora is expected to be effective in the coming weeks.
As part of the transformation of its store network in France, Carrefour will transfer 16 hypermarkets and 21 supermarkets to lease management in 2024.
