On the sales rack

13 October 2004

The retailer had a dire Q3 as price cuts failed to tempt shoppers back. Likeforlike food sales at its core French hypermarkets fell 5.5%. Carrefour may be right to cut prices further. But this looks like it will be pretty painful.

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Carrefour posted a weaker than expected quarterly rise in sales and warned that it would not meet its revenue and profit guidance for the year. The French retailer said that French likeforlike sales were down by 1.6% in the third quarter. Within this, hypermarket sales fell by 4.6% excluding petrol. Food sales declined by 5.5% and nonfood declined by 2.8%.

Supermarket likeforlike sales in the quarter were up by 0.2% including petrol.

Carrefour sad that it had seen a sharp deterioration in the French market in September. It said the trend had turned down for everyone, including hard discounters, and that both volumes and prices were down significantly. It said that in dry grocery it had seen 3% price deflation and 5.5% price deflation in nonfood.

Carrefour also said that the number of customer transactions fell in the quarter by 2.5% better than the 3.5% fall experienced in the second quarter, but average basket sizes also fell.

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