By Max Bernhard

Carrefour SA (CA.FR) said Tuesday that third-quarter sales including VAT edged higher on a like-for-like basis and backed its short-term targets.

The French retailer said sales in the quarter rose 2.3% on a like-for-like basis to 20.2 billion euros ($22.53 billion). Sales in the quarter were EUR20.0 billion adjusted for hyperinflation and currency in Argentina, where Carrefour has a network of stores.

Sales in its domestic market of France fell by 0.9% on a like-for-like basis to EUR9.77 billion. On an organic basis, sales in France dropped 2.4%.

The retailer confirmed the targets of its 2022 strategic plan, including the goal to cut costs by EUR2.6 billion on an annual basis by 2020, as well as EUR4.2bn in food e-commerce sales and EUR4.8bn in sales of organic products in 2022.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

October 22, 2019 12:33 ET (16:33 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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