3i Group (LSE:III) shares declined more than 4% on Wednesday, coinciding with a fall of over 13% in Carrefour (EU:CA) shares after the French retailer reduced its full-year financial forecasts.
Carrefour revised its 2026 outlook, citing deteriorating social and security conditions in France that have disrupted store operations and affected consumer spending.
The retailer now expects growth in its recurring operating income margin of between zero and 15 basis points, compared with its previous forecast of 25 basis points.
Carrefour also lowered its adjusted earnings per share guidance, now anticipating broadly stable earnings or slight growth rather than the high single-digit increase previously forecast.
The company revised its net free cash flow outlook, projecting a slight decline for the full year compared with its earlier expectation of modest growth.
The changes to Carrefour’s financial guidance were accompanied by third-quarter trading figures showing a 2.3% increase in like-for-like sales, compared with growth of 2.1% during the first half of 2026.
In France, like-for-like sales increased 1.2% during the third quarter, with growth recorded across the retailer’s store formats.
Carrefour attributed part of the French sales performance to pricing investments undertaken earlier in the year.
Despite the increase in quarterly sales, the company indicated that recent developments in France had affected its operating environment and prompted the revisions to its financial expectations.
Alexandre Bompard, Chairman and CEO of Carrefour, commented:
“The events that have taken place in France over the last few days have affected a significant number of our stores in urban areas and have placed our teams and partners in particularly difficult situations,”
The decline in Carrefour shares coincided with selling pressure on 3i Group, whose shares fell more than 4% during Wednesday’s session.
The source attributed the movement in 3i’s share price to a market read-across from Carrefour’s revised outlook, although it did not provide details establishing a direct financial impact on 3i.
Carrefour’s updated guidance reflects its assessment of the operating conditions affecting its French business, while its third-quarter results showed continued like-for-like sales growth.
The retailer’s revised expectations for operating margins, earnings per share and free cash flow represent reductions across its principal full-year financial targets.
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