H1 2024 Results
Q2 2024 Sales
July 24th, 2024
Key takeaways
Alexandre Bompard,
Chairman & CEO
H1 2024 Key financial highlights
€40.6bn
Net Sales
+12.1% LFL
€1.2bn target confirmed
for FY24
of which
|
+10.8% in Q2 |
€580m |
|
Cost |
|
|
savings |
€743m
Recurring
Operating
Income
+6.2%
Strong growth in Brazil and solid performance in France
Driven by EBITDA and WCR thanks to continued improvement in inventories
Stable
Net free
cash-flow
vs H1 2023
|
H1 2024 RESULTS |
July 24, 2024 |
3 |
CSR - Successful H1 2024 initiatives
CSR and Food
Transition Index
107%
- -49%in GHG emissions vs. 2019 (vs. -40% in H1 23)
- 48,105 partner producers (vs. 35,618 in H1 23)
- 329 suppliers committed to the Food Transition Pact (vs. 233 in H1 23)
47 of Top 100 suppliers have a 1.5°C trajectory
H1 2024 RESULTS
Partnership
with GreenYellow
Photovoltaic panels over
~350 car parks in France to generate 450 GWh per year within 3 years
|
July 24, 2024 |
4 |
H1 2024 Strategic highlights
|
Private labels accounted for |
e-commerce GMV |
Unlimitail is now in |
|
37% of food sales, |
increased by 30%, |
13 countries, and serves |
|
+2pts vs. H1 2023 |
driven by Brazil |
~30 active retail partners |
|
R$2.3bn run-rate |
Fast expansion |
Closing of the |
|
synergies achieved |
including 10 Atacadão |
acquisition of |
|
at June-end 2024. |
stores in Brazil, and |
Cora and Match |
|
2025 target raised |
166 franchised |
in France on |
|
to R$3.0bn |
convenience stores |
July 1st, 2024 |
|
in France |
|
H1 2024 RESULTS |
July 24, 2024 |
5 |
Financial Results
Matthieu Malige,
Group CFO
Q2 sales growth +10.8% LFL
|
(2.9)% |
|||||||
|
+10.8% |
|||||||
|
€23,377m |
(0.2)% |
(0.8)% |
(1.0)% |
||||
|
€22,708m |
|||||||
|
› France: -3.5% |
|||||||
|
(11.7)% |
|||||||
|
› Europe: -2.7% |
|||||||
|
› LatAm: +44.5% |
|||||||
|
Q2 2023 Gross |
LFL |
Expansion & |
Petrol |
Calendar |
Forex |
Q2 2024 Gross |
|
|
sales |
M&A |
sales |
|||||
|
H1 2024 RESULTS |
July 24, 2024 |
7 |
Stabilization of food inflation at low-single digit in Europe
12M food inflation in Europe
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0% -2%
4.2%
2.5%
1.4%
1.1%
0.8%
MoM food inflation in France
0.1%
|
0.3% |
0.1% |
0.3% |
0.0% |
0.4% |
0.2% |
0.0% |
0.1% |
0.4% |
|
0.0% |
||||||||
|
-1% |
(0.3)% |
(0.3)% |
(0.2)% |
|
|
Jun23 Jul23 Aug23 |
Sep23 Oct23 Nov23 Dec23 Jan24 |
Feb24 Mar24 |
Apr24 May24 Jun24 |
|
|
Source: local national institutes of statistics |
||||
|
H1 2024 RESULTS |
July 24, 2024 |
8 |
||
France: Aggressive price investments & margin improvement
France Q2 2024 LFL of -3.5%
- Food sales down -2.7% LFL; Non-food-10.9% LFL
- Gradual improvement of market share dynamics
-
- Stabilization of market share in volume at the end of Q2(1)
- Cora/Match to contribute as of July
H1 2024 ROI up +6.2%
ROI margin up +14bps at 1.6%
- Strong price investment more than offset by cost discipline and positive impact from Carrefour 2026 initiatives(2)
+6.2%
|
LFL |
Q2 2024 |
H1 2024 |
|
France |
-3.5% |
-2.0% |
|
› Hypermarkets |
-5.5% |
-3.4% |
€270m
€286m
|
› |
Supermarkets |
-2.4% |
-1.2% |
|
› |
Convenience & others |
-0.9% |
-0.1% |
- Source: Kantar WorldPanel
- Include notably e-commerce, transfers to lease management and franchise, retail media, etc.
|
1.4% |
1.6% |
|
margin |
margin |
|
H1 2023 |
H1 2024 |
|
H1 2024 RESULTS |
July 24, 2024 |
9 |
Europe: Price investments and adverse weather in Q2
Europe Q2 LFL of -2.7%
- Inflation slowing down in all markets
- Sluggish market trends
- Poor weather conditions strongly affecting seasonal non-food sales and traffic in the hypermarket format in Western Europe
- High comps in Belgium
|
LFL |
Q2 2024 |
H1 2024 |
|
|
Europe (excl. France) |
-2.7% |
-1.5% |
|
|
› |
Spain |
-2.1% |
-0.8% |
|
› |
Italy |
-5.4% |
-3.5% |
|
› |
Belgium |
-3.8% |
-2.0% |
|
› |
Romania |
+0.2% |
+0.9% |
|
› |
Poland |
-2.5% |
-3.3% |
H1 2024 RESULTS
Temporary pressure on ROI
- Price investments to protect competitiveness, particularly in Spain
- Integration costs of Cora stores in Romania temporarily weighing on profitability
- Highly competitive landscape in Italy and Poland
- Solid ROI and ROI margin trajectory in Belgium
-48%
€164m €84m
|
H1 2023 |
H1 2024 |
ROI at current FX, evolution at constant FX
|
July 24, 2024 |
10 |
Attachments
Disclaimer
Carrefour SA published this content on 24 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2024 15:48:24 UTC.
