Q3 2021 sales up by +4.0% (+0.8% LFL)
Solid growth on an exceptional comparable base (+9.2% LFL over 2 years)
Confirmed guidance of FY 2021 net free cash-flow comfortably above €1bn
- Solid performance in Q3: Continued sales growth (+4.0% on a reported basis and +0.8% LFL), after record growth in Q3 2020 (+8.4% LFL)
- Over two years(1), LFL sales growth reached +9.2%, in line with the Q2 2021 trend
- In France (-0.3% LFL and +3.5% over 2 years), Carrefour confirmed its market share gain momentum in the quarter(2)
- Good underlying dynamics in hypermarkets, temporarily impacted in the second part of the quarter by the introduction of the sanitary pass in large shopping malls
- Good underlying dynamics in hypermarkets, temporarily impacted in the second part of the quarter by the introduction of the sanitary pass in large shopping malls
- In Brazil: Continued strong momentum over 2 years (+24.2% LFL), on a high comparable base
- Atacadão (+2.7% LFL and +28.4% over 2 years): Relevance of the model and good execution
- Carrefour Retail (-13.3% LFL and +13.2% over 2 years): Solid growth over 2 years. Q3 2021 impacted by lower non-food sales on an exceptional comparable base
- In Europe (ex-France): Carrefour Spain (-2.3% LFL and +3.9% over 2 years) continued to gain market shares. Italy returned to growth (+0.8% LFL and -7.2% over 2 years) notably thanks to an improvement in customer satisfaction
- Continued food e-commerce sales growth: +19% in Q3, +100% over 2 years. Carrefour will present its digital strategy and opportunities during its Digital Day on November 9, 2021
Alexandre Bompard, Chairman and CEO, declared: “We posted another quarter of growth at Group level, despite a very high comparable base, and continued to gain market share in most of our countries. Our trajectory is very solid and demonstrates our ability to generate structural growth thanks to our strong customer-centric approach, good control over our operations, notably in digital, and impactful strategic initiatives. Our net free cash-flow objective for FY 2021, which was raised in July, is confirmed. With these favorable dynamics, its robust balance sheet, and thanks to the commitment of its teams, Carrefour is attractive and on the offensive, for the benefit of its customers and its shareholders.”
Note: (1) sum of Q3 2020 LFL and Q3 2021 LFL; (2) based on NielsenIQ RMS data
