Carrefour Fourth-Quarter Sales Growth Slows as Asian Business Underperforms

French hypermarket operator Carrefour said that fourth-quarter sales growth slowed from the previous three months dragged down by performance in Asia.

Sales totaled 23.4 billion euros ($24.94 billion) in the quarter, the company said on Thursday in a trading update. Comparable revenue excluding petrol and adjusted for calendar effects and currency fluctuations, rose 2.9% from a year earlier, following a 3.2% growth in the third quarter on the same basis.

International sales on a comparable basis rose 4.5% from a year earlier, the same pace as in the third quarter, while sales in France on the same measure, slowed to 0.7% last quarter, from 1.2% in the preceding quarter.

International sales were led by Latin America where comparable revenue growth excluding fuel and adjusted for calendar and currency impacts, was 10.8% in the last quarter, although slower than the 14.2% expansion in the third quarter. European sales outside France rose 2.5%, led by Spain, and quicker than the 1% pace in the third quarter. Sales in Asia declined 4.2%, less than the 5% drop in the quarter before.

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