Shares of Carrefour, France’s largest retailer, fell more than 13% after the company warned that violent protests would hurt profits. Chief Executive Alexandre Bompard said about 50 stores were looted over the weekend, significantly affecting financial results.
Carrefour estimates the impact on operating profit at €80 million to €200 million ($90 million to $225 million).
The company cut its fourth-quarter forecast. It now expects adjusted earnings per share to be stable or grow slightly, down from its previous forecast of high-single-digit growth.
The warning raises concerns about the effects of social unrest on consumer spending and retail operations in the region.