Carrefour Stock News

The stock fell more than 13% after the grocer cut its profitability targets for the year as it expects the protests in France to cast a pall over sales.

Carrefour shares seen sharply down after guidance cut on France riots

The grocer said its recurring operating profit margin could grow up to 15 basis points this year, below a prior forecast, as it expects the protests to hit consumer spending in the run-up to the key holiday season.

Carrefour is facing an "unprecedented situation" in France due to riots ​and looting, the supermarket chain's CEO said on ‌Tuesday, forcing the company to cut its annual profit margin targets as curfews and higher security costs hit its business.

Alexandre Bompard condemned the riots in France on Sunday. The Carrefour CEO said that rioters targeted about 50 of his stores.

Carrefour reported better-than-expected second-quarter sales on Thursday, as Europe's largest food retailer benefited from ​improving momentum in France and a return ‌to expansion in Brazil.