In This Article:
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Total Sales (Q4): EUR25.7 billion, up 2.6% at current currency.
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Group Like-for-Like Sales (Q4): Up 7.1%.
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Recurring Operating Income: EUR2.213 billion, up 1.4% excluding currency effects.
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EBITDA Growth: 1.7% increase.
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Net Free Cash Flow: EUR1,450 million.
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France Recurring Operating Income: Increased by 5.5%, surpassing EUR1 billion.
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Brazil Recurring Operating Income Growth: Close to 25% in local currency.
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Argentina Recurring Operating Income: EUR115 million, a record level.
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Cost Savings: EUR1.240 billion achieved in 2024.
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E-commerce GMV: EUR6 billion, up 18%.
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Dividend Increase: Ordinary dividend up 6% to EUR0.92 per share, plus a special dividend of EUR0.23 per share.
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New Store Openings (France): Over 450 new convenience stores.
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Net Debt Increase: EUR1.220 billion, primarily due to M&A activities.
Release Date: February 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Carrefour (CRERF) achieved growth in recurring operating income, EBITDA, and net free cash flow, aligning with multiyear expectations.
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Carrefour France saw a significant increase in market share and recurring operating income, reaching its highest level in over a decade.
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Brazil's recurring operating income grew by nearly 25% in local currency, with Atacadao outperforming the market.
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Carrefour's e-commerce segment experienced substantial growth, with GMV increasing by 18%, reinforcing its leadership in home delivery.
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The company achieved a 111% score in its Corporate Social Responsibility Index, meeting emissions reduction goals ahead of schedule.
Negative Points
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The European market remained challenging, with weak consumption and competitive pressures impacting profitability.
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Foreign exchange had a strong negative impact, particularly due to the depreciation of the Brazilian real and Argentine peso.
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Recurring operating income in Europe was down, affected by competitive markets and low volume growth.
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Net financial charges increased significantly, largely driven by the situation in Argentina.
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The company faces limited visibility on the timing of volume recovery in Europe, impacting future growth projections.
Q & A Highlights
Q: Can you provide more details on the strategic review of your activities and organizational models? Are you considering disposals, acquisitions, or changes in headcount and markets? A: Alexandre Bompard, Chairman and CEO, explained that the strategic review is comprehensive, with no limits on topics or entities. It includes all activities, formats, operating models, and the real estate portfolio. The goal is to ensure the right market positioning and operating model in a changed competitive landscape.