Carrefour S.A., FR0000120172

Carrefour cuts 2026 targets. Carrefour stock falls 13.99 percent

Published on 10/21/2026 at 10:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Sales reached EUR 22,694 million, up 2.3 percent like-for-like. Carrefour stock costs EUR 14.02 on October 21, 2026, 13.99 percent below Xetra close.

Guidance shifts toward caution

Third-quarter sales reached EUR 22,694 million on October 20, 2026, up 2.3 percent like-for-like.
Full-year margin-growth guidance moved to 0 to 15 basis points from 25 basis points on October 20, 2026.
Carrefour stock trades at EUR 14.02 at 10:35 a.m. CEST at Lang & Schwarz on October 21, 2026, 13.99 percent below the Xetra close of October 20, 2026.
Morgan Stanley cut its target to EUR 18.35 from EUR 20.10 on October 21, 2026.

Carrefour FR0000120172 Bauhaus-Poster geometrisches Karo-Muster Rot-Blau-Weiß HYPERMARCHÉ — Bauhaus-Poster mit Karo-Muster repräsentiert Carrefour, ISIN FR0000120172, abstrakte Hommage an französische Hypermärkte als Marktplatz, Illustration mit AI erstellt.

Carrefour (FR0000120172) stock was trading at EUR 14.02 at Lang & Schwarz on October 21, 2026 at 10:35 a.m. CEST, down 13.99 percent versus the Xetra close of October 20, 2026 at EUR 16.30. In a release dated October 20, 2026, Les Echos reported that Carrefour cut its 2026 targets after social and security conditions in France deteriorated.

Sales held up in the third quarter

Carrefour reported third-quarter 2026 sales of EUR 22,694 million before IAS 29, up 2.3 percent like-for-like and 3.9 percent at current exchange rates. Food sales rose 2.7 percent like-for-like, while non-food sales declined 1.1 percent, according to Les Echos.

What does the guidance cut change?

Carrefour now expects recurring operating income margin growth of 0 to 15 basis points in 2026, compared with its previous target of 25 basis points. Adjusted earnings per share is expected to show stable to slight growth instead of high single-digit growth, while net free cash flow is expected to decline slightly rather than rise slightly.

The company also reduced its 2026 capital expenditure target to EUR 1.6 billion from EUR 1.7 billion. Management said the strategic roadmap remained unchanged, while the group stayed on track for EUR 1.0 billion of cost savings in 2026, according to Les Echos.

Three dates frame the reset

In September 2026, Carrefour issued a EUR 500 million bond; on October 19, 2026, it extended a EUR 4 billion credit facility to November 2031; and on October 20, 2026, it reported EUR 22,694 million of third-quarter sales. All three figures appeared in the Carrefour release carried by Les Echos.

Analysts cut targets

Analyst revisions added pressure on the stock. Investing.com reported on October 21, 2026 that Morgan Stanley downgraded Carrefour to Equalweight from Overweight and lowered its price target to EUR 18.35 from EUR 20.10. Zonebourse listed further cuts on October 21, 2026, including Barclays to EUR 17.00 from EUR 17.80 and JP Morgan to EUR 8.00 from EUR 9.00.

Next strategic date

Carrefour's next scheduled company event is a presentation of its hypermarket strategy in France on November 17, 2026, according to the October 20 release carried by Les Echos.

Stock absorbs the lower outlook

Carrefour's sales momentum remained positive in the third quarter, but the narrower margin outlook and weaker cash-flow expectation changed the immediate earnings picture. The share price reaction puts the focus on whether France's operating disruption persists into the year-end retail period.

The further course of trading is shown by the continuously updated real-time quote of Carrefour stock.