Following today’s release of Carrefour’s figures for the three months ending 30 September 2025; Eleanor Simpson-Gould, senior retail analyst at GlobalData, a leading data and analytics company, offers her view: “Carrefour has delivered a satisfactory performance in Q3, with group like-for-like (LFL) sales rising 2.1%, although currency fluctuations continue to inhibit total growth. Most importantly, Carrefour’s domestic and European regional operations are regaining strength, albeit with nominal LFL growth on top of weak comparatives, suggesting the group’s position is still fragile. Momentum for the group in Q3 has been driven by a decent performance in food, with LFL sales up 2.9%. However, Carrefour’s 3.5% decline in non-food sales has hindered the group’s overall results. The grocer must invest in categories such as electronics and toys & games ahead of the Christmas period to boost non-food sales and appeal to price-conscious consumers. As Carrefour enters the final quarter, the group has confirmed its full-year financial guidance of slight EBITDA growth, supported by the recovery of European sales and continued integration of Cora/Match banners, which has been a favourable addition to improve its softer domestic market performance. With the sale of its Italian operation to be completed by the end of Q4 this year, the multinational can focus on driving more substantial growth from its remaining European markets.
“Carrefour’s European performance remains divided. Western European markets are strong, driven by price investments and gains in private label. In comparison, Polish and Romanian markets lag. In France, a nominal 0.5% LFL increase in hypermarket sales, e‑commerce growth, and the integration of Cora/Match banners are offsetting a sharp 6.6% decline in non‑food LFL sales. However, while Carrefour’s investments in price and promotion of its own brand products in its domestic market are showing signs of improvement, it still needs time for these changes to translate into sustained sales growth. Spain and Belgium, Carrefour’s strongest regions for growth in Q3 at 1.3% and 2.1%, are benefiting from traction in food and volume growth amid an intensified pricing focus and more robust consumer confidence. However, the Polish market remains an ongoing challenge for Carrefour, with sales declining for a third consecutive quarter (-1.3%) this year. This region is facing challenges due to damaging price wars and low sales volumes, which will require the food & grocery chain to offer a differentiated value proposition. To attract consumers away from discounters and Poland’s food & grocery market leader Biedronka, Carrefour must match price reductions, promote its own-brand ranges and offer compelling loyalty scheme promotions.”
