Brazil, Spain boost Carrefour Q1 sales but China weak

John Thys | AFP | Getty Images

World number two retailer Carrefour said on Friday that sales growth accelerated in the first quarter, reflecting robust sales in Brazil, Spain and Italy, and a lacklustre performance in France, which suffered from tough year-ago comparables.

Trading conditions however remained difficult in China amid slowing consumption, with sales falling 8.4 percent on a like-for-like basis in the country.

Europe's largest retailer said first-quarter sales were 20.05 billion euros ($22.58 billion), in line with the average of analyst estimates for 20.04 billion in a Thomson Reuters poll.

Stripping out fuel, currency and calendar effects, revenue grew 3.2 percent year-on-year, an acceleration from the 2.4 percent growth in the fourth quarter 2015.

Carrefour finance head Pierre-Jean Sivignon said market estimates for full-year 2016 earnings before interest and tax (EBIT) of around 2.5 billion euros were "reasonable". Last year's operating profit reached 2.45 billion. = 0.8880 euros)