Finance
Carrefour Reports Weaker Than Expected First-Quarter Sales as Brazil Slows
Published by Global Banking & Finance Review®
Posted on April 22, 2026
3 min readLast updated: April 22, 2026
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Carrefour’s first‑quarter sales underwhelmed with like‑for‑like growth of 1.4% in France and a 0.8% drop in Brazil, weighed down by high interest rates and soft consumer demand amid rising costs.
Carrefour reports weaker-than-expected first-quarter sales as Brazil slows
Carrefour’s First-Quarter Performance and Market Dynamics
By Helen Reid
April 22 (Reuters) - Supermarket chain Carrefour reported weaker-than-expected first-quarter sales on Wednesday as its business in Brazil shrank, while the retailer's finance chief said consumers in France, its biggest market, were resilient so far to the impact of the Iran war.
Regional Sales Overview
Sales in Brazil declined as very high interest rates hit consumers' spending power, while like-for-like sales in France grew 1.4%, an improvement from the end of last year.
Brazil’s Economic Challenges
"In Brazil, in a macroeconomic context marked by consistently negative food volumes, the group delivered a resilient performance," said Chief Financial Officer Matthieu Malige.
Group Revenue and Analyst Expectations
First-quarter revenue for the group as a whole was 21.1 billion euros ($24.77 billion), less than the 21.8 billion expected by analysts according to a consensus compiled by Visible Alpha.
Growth in Other Markets
Strong growth in Spain, where sales rose 3.1%, helped compensate somewhat for the Brazilian business, which declined 0.8%, missing analysts' expectation for 0.6% growth.
Facing Higher Costs and Global Pressures
FACING HIGHER COSTS
Carrefour, which has seen profit margins narrow to 2.6% last year from 3.1% in 2021, now faces higher costs across its markets as the Iran war has driven energy prices up sharply, a shock that could feed through into higher food prices.
Impact of the Iran War
Malige downplayed the impact of the conflict, however, saying he expects food inflation in France to stay low this year and that the retailer saw no change in consumers' behaviour in March, the first month of the war.
Middle East Operations
Carrefour operates in the Middle East through franchise partner Majid Al Futtaim, and Malige said all its stores in the region were open and there were currently no supply or inventory issues.
Strategic Initiatives and Market Position
Expansion in France
France's second-biggest food retailer said it opened 88 new convenience stores in the country in the first quarter, helping it gain back market share after losing customers to cheaper rival E Leclerc.
Share Performance and Strategic Focus
CEO Alexandre Bompard’s Plan
Shares in the 12-billion-euro company have risen 18% since the start of the year as investors welcomed CEO Alexandre Bompard's plan to focus on core markets France, Spain and Brazil, and grew more hopeful the retailer can become more competitive.
($1 = 0.8535 euros)
(Reporting by Helen Reid; Editing by Kirsten Donovan)
Key Takeaways
- •France’s Q1 like‑for‑like sales grew 1.4%, slightly below forecasts.
- •Brazil saw a 0.8% comparable‑sales decline, hit by high interest rates dampening spending.
- •Group revenue of €21.141 bn missed the €21.83 bn consensus; energy cost pressures persist amid Iran war uncertainty.
Frequently Asked Questions about Carrefour reports weaker than expected first-quarter sales as Brazil slows
1Why did Carrefour's first-quarter sales miss expectations?
Carrefour's Q1 sales missed expectations due to slower growth in France and a decline in Brazil, mainly caused by high interest rates impacting consumer spending.
2How did Carrefour perform in Brazil during the first quarter?
Carrefour saw a 0.8% decline in like-for-like sales in Brazil, attributed to very high interest rates and negative food volumes.
3What were Carrefour's total first-quarter revenues?
The group's first-quarter revenue was 21.141 billion euros, less than the 21.83 billion expected by analysts.
4How did rising energy prices and conflict in Iran affect Carrefour?
Higher energy prices driven by the Iran conflict increased costs, but Carrefour expects low food inflation and saw no change in French consumer behavior.
