Carrefour lowers 2026 earnings outlook as unrest disrupts French stores

Paris, France. Carrefour lowered its annual earnings outlook on Tuesday, citing exceptional conditions in France as riots, looting and curfews increased expenses and disrupted store operations. The retailer estimated that the unrest could affect operating income by between €80 million ($90 million) and €200 million.

Earnings expectations reduced

Carrefour said it now anticipated growth ranging from stable to slight in adjusted earnings per share for 2026, replacing its earlier projection of a high single-digit percentage increase. It also expected free cash flow to fall slightly from 2025.

The company said the unrest was further weakening consumer confidence, already depressed by high fuel prices, and lowering customer visits as the important fourth-quarter sales period began.

Stores damaged and employees affected

Speaking to analysts, CEO Alexandre Bompard said about 50 Carrefour stores had been affected on the first day, with many looted and substantial damage sustained.

He said numerous employees and partners had experienced deeply distressing circumstances. The retailer was supporting staff in reopening damaged stores as soon as conditions allowed them to do so safely.

Against a backdrop of widespread criticism of government policing, Bompard said he hoped security arrangements would improve for the next protests, scheduled for October 24. He nevertheless expected further disruption to business.

Closures and curfews add to costs

Finance chief Matthieu Malige told reporters that direct expenses amounted to several tens of millions of euros, covering goods stolen or destroyed, damage to premises and equipment, and forced store closures.

Malige said disruption would continue over the coming weeks because curfews required some shops to shut earlier. He added that customers faced a changed environment characterised by profound uncertainty.

Many stores within Carrefour’s French network of 6,000 outlets had closed as a precaution ahead of expected unrest, including on Sunday and Monday, Malige said. He declined to give an overall closure count.