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Carrefour Lowers 2026 Targets Amid Unrest in France

lite News Desk 2 min read

Carrefour has reduced its financial targets for 2026, citing conditions in France in its third-quarter release dated October 20, 2026. The company lowered its outlook for earnings, operating-margin growth and cash flow, and announced a smaller capital-expenditure target for its French operations.

In comments reported by Reuters on October 20, finance chief Matthieu Malige said the unrest could cut operating income by between €80 million and €200 million. That range was an estimate. Malige said direct expenses amounted to several tens of millions of euros, covering goods lost through theft or destruction, damage to premises and equipment, and store closures.

CEO Alexandre Bompard said to Reuters that the unrest affected approximately 50 Carrefour stores on its first day, including many that were looted. In its quarterly release, Carrefour said urban locations were experiencing fewer customer visits, curfew-related reductions in trading hours and increased spending on security and logistics.

Carrefour also said the unrest was reducing consumer confidence, alongside the effects it attributed to rising energy prices. According to the company, the decline in store visits and changes to operating conditions were occurring at the start of the year-end retail period.

Under the revised guidance, Carrefour still targets growth in recurring operating income for 2026. Its operating-margin target is now an increase of between zero and 15 basis points, rather than the 25-basis-point improvement previously targeted. For adjusted earnings per share, the company now anticipates a result ranging from unchanged to slightly higher than in 2025, replacing its earlier target for growth in the high single digits.

The company’s cash-flow forecast has also changed direction: Carrefour now anticipates a small decrease in net free cash flow for 2026, rather than the modest increase previously targeted. For capital expenditure in France, it has set a target of €1.6 billion, down from €1.7 billion, and said it would reduce investment there through the end of the year.

The same release included Carrefour’s third-quarter sales results. The company reported a 2.3% increase in group sales on a like-for-like basis for the period, with growth of 1.2% in France.

* This article is based on publicly available information at the time of writing.

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