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Retailer Carrefour's shares rise after fourth-quarter sales update

Retailer Carrefour's shares rise after fourth-quarter sales update
The logo of Carrefour is seen on shopping trolleys at the Carrefour Lingostiere in Nice, France, March 31, 2018. REUTERS/Eric Gaillard   -   Copyright  ERIC GAILLARD(Reuters)
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PARIS (Reuters) – Carrefour’s <CARR.PA> shares rose on Wednesday after the French supermarket retailer expressed confidence over its strategy plan even though sales growth slowed slightly in the fourth quarter due to anti-government protests in France.

Carrefour shares were up 3.9 percent in early trading.

Late on Tuesday, Carrefour published fourth-quarter sales of 22.6 billion euros (£19.8 billion), in line with forecasts. The company added it was on track regarding a broader strategy plan to boost its results by 2022.

“Carrefour’s Q4 sales confirmed ongoing European challenges, but less dilution than feared from French protests,” wrote brokerage Jefferies, which retained its “hold” rating on the stock.

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)

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