Carrefour SA (EPA: CA) shares fell about 14% in Wednesday morning trading after the retailer lowered its 2026 outlook. CNBC reported the intraday decline on October 21; it was not a closing return.
The company’s October 20 update targets operating-margin expansion of 0–15 basis points, down from 25. Adjusted EPS is now expected to be flat or slightly higher, replacing a high-single-digit growth forecast.
Net free cash flow is projected to decline slightly rather than grow. Carrefour also lowered planned annual capital expenditure to €1.6 billion from €1.7 billion, reducing investment in France through year-end.
Third-quarter like-for-like sales rose 2.3% overall and 1.2% in France. Those completed-period figures precede the latest unrest; the guidance change concerns weaker consumer confidence and disrupted trading, including shorter opening hours and higher security costs.
The disruption adds company-level earnings pressure to France’s wider fiscal concerns. We previously reported on the broader market reaction to the protests. Carrefour’s revised targets remain forecasts, with store operating conditions uncertain.
