Carrefour has lowered its forecast for financial results in 2026 after riots, looting and a curfew in France caused serious damage to stores and disrupted the work of one of the largest retail chains in Europe.
Carrefour's CFO Mathieu Malige estimated the total negative effect on operating profit at between 80 million and 200 million euros. The direct costs alone from stolen or destroyed goods, damaged stores and equipment already amount to tens of millions of euros.
Around 50 Carrefour stores were seriously affected on the first day of the unrest, with many of them looted. Many more stores have closed as a precaution, including on Sunday and Monday. The company did not give a total number of stores temporarily closed.
Carrefour is particularly vulnerable because of its vast network of nearly 6,000 stores in France and a strong presence of smaller urban stores in Paris, Lyon, Marseille and other major cities.
“The direct costs amount to several tens of millions of euros - for stolen or destroyed goods, damaged stores and equipment, and to that we must add the stores that we have been forced to close,” said Malizh.
The company's costs are also rising because of additional security measures. Some stores have hired external security companies, while others are forced to work reduced hours due to curfews.
The situation has already forced Carrefour to revise its 2026 forecast. The company expects adjusted earnings per share to remain stable or grow slightly, compared to a previous forecast of a high-single-digit increase. Free cash flow expectations have also been lowered - now forecast to decline slightly compared to 2025.
The unrest comes at a particularly sensitive time for retailers. Carrefour is preparing for Black Friday campaigns and the key fourth quarter period for the sector. Meanwhile, high fuel prices have already dented consumer confidence in France, and the unrest is further reducing store footfall.
Chief Executive Officer Alexandre Bompard said he expected authorities to provide better protection for the next planned protests on October 24, but warned that the company was likely to feel the negative impact regardless of the measures taken.
The crisis is also affecting Carrefour's investment program. The group has reduced planned capital spending in France for this year from €1.7 billion to €1.6 billion.
For French businesses, the problem now goes beyond direct damage from vandalism and robberies. The ongoing protests, curfews and uncertainty about consumer behavior are putting sales at risk at one of the most important times of the year for retailers.