Carrefour Q3 sales growth slows, keeps 2025 financial goals

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PARIS (Reuters) -Carrefour, Europe's largest food retailer, said on Wednesday that it kept its 2025 financial goals intact although sales growth slowed in the core French and Brazilian markets in the third quarter.

Finance Chief Matthieu Malige however told reporters during a call that grocery demand had been robust in France in September despite political uncertainties.

"Based on the third quarter, we have grocery demand that is very robust, that is holding up despite the political uncertainties," Malige said. 

"At this stage we don't see a weakening of consumer dynamics," he said, adding he would not "speculate" on how France's political crisis might impact demand this quarter.

Third quarter group sales reached 22.6 billion euros ($26.36 billion), marking like-for-like annual growth of 2.1%, which was a slowdown from the 4.4% growth in the second quarter but in line with market expectations for 2.1% growth.

The weaker French performance notably reflected price cuts at the recently acquired Cora stores and stronger year-ago comparables from the Paris Olympics in Summer 2024.

In Brazil, Carrefour's second-largest market, high interest rates weighed on consumption, notably on the cash and carry market.

Carrefour reiterated 2025 financial objectives for slight growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) and recurring operating income (ROI) and net free cash flow.

($1 = 0.8575 euros)

(Reporting by Dominique Vidalon, Helen Reid; Edited by Benoit Van Overstraeten)