PARIS, April 28 (Reuters) - Carrefour said on Tuesday that revenue growth accelerated in the first quarter, reflecting strong food sales in March, notably in its core French market due to the coronavirus epidemic. Carrefour, Europe’s largest food retailer by sales, said it was sticking to its financial and operational targets under its 2022 strategy plan to boost sales and profits.
First quarter sales reached 19.445 billion euros ($21.07 billion), driven by a solid performance in January and February and stockpiling by households in March ahead of coronavirus lockdown measures in several countries.
Group sales rose 7.8% on a like-for-like basis from a year earlier, accelerating from 3.1% growth in the fourth quarter of 2019.
Elsewhere in Europe, sales in Spain and Italy also rose while Brazil - Carrefour’s biggest market after France - put in a robust performance.
Carrefour is in the midst of a five-year plan launched in January 2018 to cut costs and boost E-commerce investment.
The plan is aimed at helping Carrefour boost profits and revenues, and tackle competition from Amazon. ($1 = 0.9230 euros) (Reporting by Dominique Vidalon; Editing by Susan Fenton)