Carrefour has reported third quarter sales of EUR21.8bn, up 3.6% excluding petrol.
Improvements at large stores in France
Carrefour's like-for-like sales were up 1.2% in Q3. Hypermarket sales fell 1.0% although this is an improvement compared to the second quarter. Like-for-like sales increased at supermarkets and convenience. Carrefour continues to transform the DIA stores. It re-opened 123 in the third quarter and says it is well on track to complete them as planned by the end of 2016.
International sales up with increases in key markets
Overall, international sales were up 4.5% on a like-for-like basis. Carrefour reported increases in Spain, Italy and Romania, stable sales in Belgium and a slight fall in Poland.
Carrefour is testing the more premium segment in Warsaw with a 'gourmet' version of Carrefour Market. We believe such stores will form a key part of its expansion plans given their rapid growth so far.
Strong performance in Latin America
In Latin America, like-for-like sales were up by 14.2%, with a 12.4% increase in Brazil and 18.0% in Argentina.
We saw some highly impressive Carrefour stores in Argentina in various formats, showing its progressive approach, particularly in the use of technology.
Mixed results in Asia
Like-for-like sales fell by 5.0% across Carrefour's Asian markets. They were down 7.8% in China, an improvement on the previous period, while in Taiwan sales grew for the seventh quarter in a row.
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