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Carrefour (EU:CA) shares declined more than 11% on Wednesday after the French retail group reduced its full-year financial forecasts, citing deteriorating social and security conditions in France that have affected store operations and consumer spending.

The company reported third-quarter like-for-like sales growth of 2.3%, compared with an increase of 2.1% during the first half of 2026.

Despite the quarterly sales increase, Carrefour revised its expectations for operating profitability, earnings per share and cash generation for the full year.

The retailer now forecasts growth in its recurring operating income margin of between zero and 15 basis points, compared with its previous target of 25 basis points.

Carrefour also reduced its adjusted earnings per share guidance, now expecting broadly stable earnings or slight growth rather than the high single-digit increase previously anticipated.

The company revised its net free cash flow outlook from slight growth to a slight decline for 2026.

Management attributed the changes to recent developments in France, which have disrupted operations at a number of urban stores and created uncertainty surrounding consumer spending.

In its domestic market, Carrefour recorded third-quarter like-for-like sales growth of 1.2%, with increases across its different store formats.

The company said pricing investments made earlier in the year contributed to the French sales performance.

In Spain, like-for-like sales rose 2.1%, supported by higher sales volumes.

Brazil reported like-for-like growth of 1.4%, with the Atacadão retail format contributing to the increase.

Alexandre Bompard, Chairman and Chief Executive Officer of Carrefour, commented on the group’s quarterly trading performance and the situation affecting its French operations.

“Carrefour recorded +2.3% like-for-like sales growth in the third quarter, in line with the first half of the year, driven by food sales and the positive contribution from our core markets,” Bompard said.

“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 company indicated that recent events had affected a significant number of stores in French urban areas, complicating the operating environment ahead of the year-end retail period.

Carrefour also reported an 18% increase in e-commerce sales during the third quarter, reflecting growth in its online retail activities.

The group continued expanding its convenience store network, opening 89 new locations across France and Spain during the period.

The quarterly results therefore showed increased like-for-like sales across Carrefour’s principal markets, alongside growth in online sales and further store openings.

However, the retailer’s revised financial guidance reflects its assessment of the potential effects of current operating conditions in France on profitability and cash flow during the remainder of 2026.

The reduction in its full-year targets coincided with a decline of more than 11% in Carrefour’s share price during Wednesday’s trading session.

EssilorLuxottica (EU:EL) shares rose more than 11% in early trading in Paris on Wednesday after the eyewear group reported third-quarter revenue above analysts’ expectations, supported by growth in its Direct-to-Consumer business and wearable technology products.

The company reported quarterly revenue of €7.49 billion, an increase of 9% compared with the previous year and above the market consensus estimate of €7.35 billion.

At constant exchange rates, revenue increased 7.2%, following double-digit growth in the corresponding quarter of the previous year.

The Direct-to-Consumer division generated revenue of €4.09 billion, representing growth of 10.6% at constant exchange rates. Comparable-store sales increased 6.8% during the quarter.

Professional Solutions recorded revenue of €3.39 billion, an increase of 3.4%, compared with double-digit growth in the same period last year.

All geographic regions contributed to the group’s revenue growth.

Asia-Pacific recorded the largest increase, with revenue rising 15.7% at constant exchange rates. Revenue in Europe, the Middle East and Africa (EMEA) grew 7.5%, while Latin America reported growth of 7.1%.

North American revenue increased 4.7% at constant exchange rates.

Across its product categories, EssilorLuxottica reported growth of 6.5% in its traditional Eyecare and Medtech business.

Wearables revenue, which includes artificial intelligence-enabled glasses and Nuance Audio products, increased 20% to €486 million.

The company’s myopia management portfolio also recorded growth, with revenue increasing 24% during the period.

Chairman and Chief Executive Officer Francesco Milleri and Deputy Chief Executive Officer Paul du Saillant commented on the group’s performance and the development of its product portfolio.

“Quarter after quarter, our Company continues to demonstrate the strength of its unique model,” the executives said.

They also highlighted upcoming product launches and the expansion of the group’s wearable technology range ahead of the holiday shopping period.

“As we head into the holiday season, new AI glasses launches and the rollout of Nuance Audio Plus are further strengthening our wearable portfolio, offering people new ways to engage with and navigate the world around them,” they said.

For the first nine months of 2026, EssilorLuxottica reported revenue of €22.3 billion, an increase of 6.8% on a reported basis and 8.9% at constant exchange rates.

Analysts currently expect the company to generate full-year revenue of €30.08 billion.

Looking beyond the current financial year, EssilorLuxottica outlined its objectives for the next five years, targeting continued revenue growth at constant exchange rates.

The company also intends to deliver growth in adjusted operating profit broadly aligned with its revenue performance over that period.

The third-quarter results reflected increased sales across the group’s geographic markets and business divisions, with wearable technology and direct-to-consumer activities contributing to overall revenue growth.

Quilter (LSE:QLT) reported a 30% increase in core net inflows to £2.891 billion for the third quarter of 2026, compared with £2.227 billion in the corresponding period last year, supported by increased investment flows across its wealth management platform.

The UK wealth manager’s assets under management and administration (AuMA) reached £160.5 billion at the end of September, representing a 19% increase from £134.8 billion a year earlier.

Reported net inflows, which include non-core activities, rose to £2.737 billion during the quarter, compared with £2.118 billion in the third quarter of 2025.

Gross inflows increased 22% year on year, reaching £6.01 billion from £4.944 billion in the prior-year period.

For the first nine months of 2026, Quilter recorded core net inflows of £8.850 billion, an increase of 31% compared with £6.733 billion during the same period in 2025.

Reported net inflows for the nine-month period totalled £8.535 billion, up from £6.441 billion a year earlier.

The company’s investment platform accounted for a substantial proportion of the inflows, generating £8.0 billion in net new assets during the first nine months of the year.

Third-quarter platform net inflows increased 25% year on year to £2.6 billion, reflecting higher contributions from both Quilter-affiliated financial advisers and independent advisers.

Inflows generated through Quilter advisers rose 10% compared with the previous year, while those from independent financial advisers increased 33%.

The High Net Worth business also reported increased client investment activity, with quarterly net inflows rising 35% year on year to £322 million.

Gross inflows within the High Net Worth division reached £873 million during the quarter.

Quilter also reported an increase in adviser productivity, with annualised gross sales per adviser rising 9% compared with the third quarter of 2025.

Gross sales per adviser reached £3.7 million on an annualised basis, compared with £3.4 million in the prior-year period.

Chief Executive Steven Levin said gross outflow rates remained stable during the quarter and were consistent with levels recorded in the first half of the year.

The company provides investment management, financial advice and wealth management platform services to retail investors, financial advisers and high-net-worth clients.

Its operations include adviser-led investment services and a platform used by independent financial advisers to manage client portfolios and investment products.

The third-quarter figures show increased net inflows across Quilter’s principal distribution channels, alongside growth in total assets under management and administration.

At the end of September, Quilter’s AuMA stood at £160.5 billion, while cumulative core net inflows for the first nine months of 2026 reached £8.850 billion.

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.

Duke Capital (LSE:DUKE) has reported total cash revenue of £7.0 million for the quarter ended 30 September 2026, unchanged from the previous quarter, as the investment company continues restructuring activities across parts of its portfolio.

The Guernsey-based provider of hybrid capital financing issued the trading update in response to recent volatility in its share price, providing information on cash generation, portfolio developments and its outlook for the remainder of the financial year.

Duke confirmed that its interim dividend of 1.4p per share remains covered by free cash flow, with the company continuing to generate income from investments across multiple sectors and geographic markets.

The group reported progress in reorganising certain portfolio businesses, including the exit of loss-making divisions within two of its investments.

Management said these changes form part of efforts to improve the operating performance of its capital partners and address areas of the portfolio experiencing financial or operational challenges.

Duke also highlighted conditions in the UK market, which it expects to affect recurring cash revenue during the second half of the financial year.

The company anticipates a reduction in recurring revenue in H2 as its investment team concentrates on improving the performance of UK portfolio businesses, with the objective of achieving progress during the following financial year.

Separately, Duke reported that two of its capital partners are currently involved in late-stage exit processes.

Management indicated that successful completion of these transactions could result in FY2027 total cash revenue materially exceeding existing market expectations.

The potential financial contribution remains conditional on the exits being completed, and the company has not provided revised revenue guidance or disclosed the expected proceeds from either transaction.

Duke’s directors also commented on the company’s market valuation, stating their belief that the current share price represents a significant discount to its net asset value.

This assessment reflects the board’s view and was provided in the context of recent share price movements.

Duke operates a hybrid capital investment model, providing long-term financing to small and medium-sized businesses in Europe and North America.

Its financing arrangements combine characteristics of debt and equity, with returns generated through recurring cash payments and potential additional proceeds when investments are realised.

The company maintains a portfolio diversified across industries and geographic regions, with investment management activities focused on cash generation, capital preservation and portfolio company performance.

Looking ahead, Duke expects to provide further updates on its portfolio reorganisations and the potential exits currently under discussion.

The group is scheduled to publish its interim financial statements on 3 December 2026, when additional information on its financial position and portfolio performance is expected to become available.