Carrefour (CA) Q3 2024 earnings summary

Executive summary

• Q3 2024 sales grew 8.8% like-for-like to €23,983m, with sequential improvement in France and Europe, and strong performance in Latin America, especially Brazil; e-commerce GMV rose 20% group-wide, led by Brazil.

• Consumer confidence indices reached their highest since the inflation crisis began, supporting improved trading up and increased sales of national brand and organic products.

• Carrefour-branded products represented 36% of food sales in Q3, up from 35% last year; Group NPS increased by five points year-over-year.

• The group confirmed its 2024 financial targets, including EBITDA and recurring operating income growth, net free cash flow aligned with the 2026 plan, and €1.2bn cost savings.

Financial highlights

• Q3 2024 gross sales reached €23,983m, up 12.9% at constant currency and 8.8% like-for-like; reported revenue increased 1.5% due to FX headwinds.

• 9M 2024 gross sales totaled €68,846m, 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% in Q3, with food e-commerce in Brazil up 34%.

• Petrol sales declined by -1.2% and calendar effects were -0.2%.

Outlook and guidance

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

• €700m share buyback for 2024 underway, with €616m completed by October 17.

• Ambition to stabilize or slightly grow profitability in France for the full year.

• Sequential improvement in European activity in Q3 is confirmed in October, with strong commercial momentum in Brazil.