Carrefour: Strengthening Consumer Sentiment With Improving Environment

No-moat Carrefour reported its third-quarter 2024 sales update, with group like-for-like sales up 9%. Within this, like-for-like sales in France declined 3% in the quarter, reflecting a 6% decline in nonfood sales, however, we were pleased to see volumes beginning to stabilize in the region. Supermarket and hypermarket sales were down 2% and 6%, respectively, while convenience stores were up 2% in the quarter. Despite headwinds, we remain impressed with the firm’s private label expansion, accounting for 36% of food sales, up from 35% in the third quarter of 2023.