Carrefour Faces Sales Slump Amid Global Challenges
Carrefour reported disappointing first-quarter sales, with the Brazilian market significantly underperforming. Sales in France also grew less than expected. The company now contends with rising costs due to the Iran war's impact on energy prices, despite resilient performance in challenging conditions.
Supermarket chain Carrefour reported weaker-than-expected first-quarter sales, attributing underperformance to challenges in Brazil and modest growth in France, its largest market.
While sales in France increased by 1.4%, they fell short of analyst predictions. The decline in Brazilian sales, by 0.8%, was attributed to high interest rates affecting consumer spending. Matthieu Malige, the Chief Financial Officer, noted the group's resilience amid negative food volume trends in Brazil.
Carrefour's revenue for the quarter was 21.141 billion euros, below the expected 21.83 billion. The company faces rising costs due to energy price spikes linked to the Iran war, although Malige expects low food inflation in France this year.
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