Carrefour (CA) Q3 2024 earnings summary

Executive summary

• Q3 2024 sales rose 8.8% like-for-like, driven by strong fundamentals and positive consumer trends in France and Europe, with robust growth in Latin America and sequential improvement in most geographies.

• E-commerce GMV grew 20% in Q3, led by Brazil, and Carrefour-branded products reached 36% of food sales.

• Customer satisfaction improved, with Group NPS up 5 points year-over-year, notably in France and Brazil.

• Integration of Cora and Match in France progressing as planned, with store conversions underway and synergy targets confirmed.

• 2024 financial targets confirmed: EBITDA and recurring operating income growth, net free cash flow aligned with the Carrefour 2026 plan, and €1.2bn cost savings target reaffirmed.

Financial highlights

• Q3 2024 group sales reached €23,983 million, up 8.8% like-for-like and 12.9% at constant currency; reported growth was 1.5% due to negative FX impact.

• 9M 2024 group sales totaled €68,846 million, up 11.0% like-for-like year-over-year.

• Expansion and M&A contributed 5.5% to growth, mainly from Cora and Match consolidation.

• E-commerce GMV up 20% group-wide, with food e-commerce in Brazil up 34%.

• Carrefour-branded products accounted for 36% of food sales in Q3, up from 35% last year.

Outlook and guidance

• Full-year 2024 financial targets confirmed: growth in EBITDA and recurring operating income, net free cash flow in line with the 2026 plan, and €1.2bn cost savings target reaffirmed.

• Ambition to stabilize or slightly grow profitability in France for the full year, with H2 expected to mirror H1 dynamics.

• Continued focus on price competitiveness and customer satisfaction, with positive consumer trends expected to support year-end performance.