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April 21, 2021, 1:55 a.m. EDT

Carrefour sales rise, will launch 500M in buybacks

By Joshua Kirby

Carrefour SA said Wednesday that sales in its first quarter rose and that it is launching a share buyback.

The French grocer said group revenue came to 18.58 billion euros ($22.37 billion) post-IAS 29, or EUR18.56 billion before, up 4.2% on a like-for-like basis. Like-for-like sales grew 3.5% in France and 16% in Latin America, but fell in Europe and Asia.

Food e-commerce continued to accelerate in the quarter, growing 56% on year, Carrefour said.

The board has approved a buyback of shares worth a maximum EUR500 million, with a view to their cancellation, Carrefour said. The amount represents around 4% of total capitalization. The buyback should be completed by the end of 2021, the company said.

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