Carrefour cuts 2026 profit outlook after riot damage
The French grocer estimates riot damage will reduce operating income by €80 million–€200 million, prompting a lower forecast for fiscal 2026.
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The French grocer estimates riot damage will reduce operating income by €80 million–€200 million, prompting a lower forecast for fiscal 2026.
Carrefour cut its fiscal 2026 profit outlook on Tuesday after riot-related damage to its stores, Fortune reported. The French grocer estimated an €80 million–€200 million reduction in operating income—the profit it earns from running its business.
The warning followed a weekend in which more than 3,000 businesses in France were looted or damaged, according to Commerce Minister Serge Papin.
Around 50 of our stores were hit on day one, many were looted and the damage is considerable
Carrefour shares fell as much as 15% on Wednesday, wiping out about €1.7 billion in market value, Fortune reported. That figure describes the decline in the company’s stock-market valuation, not its estimated operating-income loss.
France’s Senate is scheduled to begin debating a “rioters pay” bill on October 27. The proposal would hold everyone who took part in a gathering that caused damage collectively liable for that damage, Fortune reported.
Backed by the right and centre after the October 17 violence, the proposal would widen who can be made to pay and which benefits can be seized. It now goes to the National Assembly.
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The agency cites France’s economic strength but warns that political divisions could obstruct deficit cuts as the government seeks approval for its 2027 budget.
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City museums and private art institutions also plan to shut on Saturday, while the Cartier Foundation plans to remain closed for the whole weekend.
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