PARIS, April 11 (Reuters) - Carrefour said sales growth slowed in the first quarter amid continued weakness in its core French market, reminding investors that the road to recovery for the supermarket retailer would be long.
Carrefour, which is Europe’s largest retailer, said sales at its French hypermarkets turned negative again amid bad weather conditions, further stiff competition from traditional and online rivals, and strikes during the Easter holiday.
First quarter sales reached 20.776 billion euros ($25.73 billion), slightly below the median analysts’ estimates for sales of 20.869 billion euros in a poll for Reuters compiled by Inquiry Financial.
Growth slowed to 0.4 percent on a like-for-like basis excluding fuel and calendar effects, from 1.9 percent in the fourth quarter of 2017.
Carrefour unveiled in January plans to cut costs and jobs, boost E-commerce investment and seek a partnership in China with Tencent in a bid to boost profits and revenues and help it tackle competition from Amazon.
$1 = 0.8074 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta