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PARIS, Oct 25 - Carrefour , Europe's largest food retailer, on Wednesday reported weaker third-quarter sales growth than expected as food price inflation declined and consumers kept cutting back on spending.
Third-quarter sales came in at 23.63 billion euros , marking like-for-like growth of 9%, a slowdown from 10.3% growth in the second quarter, but Carrefour stuck to its 2023 targets. "In a context of continued pressure on the purchasing power of our customers, our Group confirmed the solidity of its commercial momentum and the attractiveness of its model," Bompard said in a statement.
In France, which accounts for around 46% of Carrefour's revenue, hypermarket sales rose 4.2% in the third quarter compared with a 6.6% rise in the previous three months. Competition in the French grocery market has been heating up, putting pressure on Carrefour.
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