Carrefour shares tumble on tough Q1 sales

STORY: Staff at one Carrefour branch in Shanghai have been living at the store to help keep it open through lockdowns.

Their efforts have helped to keep local people fed.

Plumping up the supermarket’s bottom line looks like a tougher job though.

Carrefour shares dropped almost 4% at one point Thursday (April 20).

That a day after Europe’s biggest food retailer reported lacklustre first-quarter sales.

Sales at hypermarkets in France - its core market - were down 1.1%.

That overshadowed growth of over 3% worldwide.

Though Carrefour did confirm its key cash flow target for the year, analysts at JP Morgan said the outlook was unlikely to excite anyone.

CEO Alexandre Bompard is now working on a new strategic plan for the retailer.

He’s expected to unveil it in the autumn.

Recent years have seen Carrefour rebuffed in plans for big tie ups - one with Canada’s Couche-Tard, another with France’s Auchan.

Analysts at Citi said they were still watching for news of possible merger or acquisition plans.

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