Carrefour (CA) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 like-for-like sales grew 2.9%, matching prior quarter trends and company expectations, with strong performance in Spain, Brazil, and Argentina, and sequential improvement in France.

• Group sales reached €22.7 billion, up 6.4% at constant currency and 2.3% at current rates, with e-commerce GMV up 19% and Carrefour-branded products at 38% of food sales.

• Strategic initiatives advanced, including a €1.2 billion cost-saving program, price investments, loyalty program expansion, and franchise growth.

• Integration of Cora and Match is progressing, with synergy targets and rebranding underway.

• Latin America, especially Brazil and Argentina, delivered strong like-for-like growth, though reported figures were impacted by currency depreciation.

Financial highlights

• Group sales (pre-IAS 29) reached €22,674m, up 2.9% LFL and 6.4% at constant exchange rates; reported revenue up 2.3%.

• Like-for-like sales up 2.9% year-over-year; expansion and M&A contributed 5.7%.

• E-commerce GMV grew 19% group-wide, with Brazil as a key driver.

• Carrefour-branded products accounted for 38% of food sales, up 1 point year-over-year.

• NPS improved by 3 points group-wide, with a 7-point increase in Brazil.

Outlook and guidance

• Full-year 2025 financial targets reaffirmed: slight growth in EBITDA, recurring operating income, and net free cash flow.

• €1.2bn cost-savings plan on track, supporting price competitiveness and financial targets.

• Business trends and customer behavior remain consistent with prior quarters; food retail expected to be less impacted by global trade tensions.