Carrefour revises estimates after the riots in France, -14% on the stock market

Carreforur revises its estimates for the current financial year following the social unrest that has occurred in France in recent weeks. The group expects lower growth in operating profit, ranging between 0 and 15 basis points compared to the 25 points previously announced.

The net result will rise to the lower end of a range ranging from 0 to 5%, while previously it was estimated as progress between 5 and 9%. Net cash flow will instead be in a "slight fallback", compared to an expected "slight growth", while annual investments will drop from 1.7 to 1.6 billion. The reaction of the stock on the Paris stock exchange was heavy, where it lost 14.63% to 13.91 euros despite the 2.7% increase in revenues recorded in the third quarter to 22.7 billion euros. Of these, in fact, 11.9 billion were made in France, the scene of recent social clashes.

According to CEO Alexandre Bompart, the group is facing an "unprecedented situation in France". "The uncertainty about the dynamics of consumption and the opening conditions of our stores - he explains - is high".

"We are entering a critical period for trade at the end of the year - he continues - and this situation significantly weighs on the already fragile consumption due to the rise in energy costs and affects the activity of our warehouses". However, despite the downward revision of financial estimates, the manager underlines that "our strategic course remains unchanged".