Carrefour Lowers Full-Year Profit Forecast on Turmoil in France

Carrefour SA lowered its full-year financial targets, blaming recent social unrest in France for undermining consumer confidence and keeping shoppers away.

The grocer reduced its outlook for adjusted earnings per share to “stable to slight growth” this year from a previous target of “high single-digit growth.” It also trimmed its 2026 targets for recurring operating income margin, net free cash flow and capital expenditure.

“Our group is facing an unprecedented situation in France,” Chief Executive Officer Alexandre Bompard said in a statement Tuesday. “There is a high degree of uncertainty regarding consumer spending trends and the conditions under which our stores will be able to open.”

French protests drew more than half a million people on Saturday across the country, but the demonstrations over cost-of-living concerns deteriorated as fast-moving groups targeted hundreds of shops. Vandalism continued on Sunday night, with looted stores and more arrests in Paris.

Read More: French Unrest Tapers Off After Security Measures Imposed

The company, which operates supermarkets, hypermarkets and convenience stores, cited lower footfall in France, reduced opening hours related to curfews, and increased operating costs on security and logistics.

“As we enter the critical end-of-year period for the retail sector, this situation is having a significant impact on consumer spending — which is already under pressure from rising energy costs,” Bompard said.