Q3 2024 Sales
October 23rd, 2024
Q3 2024: Key highlights
of strategic roadmap
Group sales up +8.8% LFL in Q3 2024
Sequential improvement of all countries vs Q2 excluding Argentina, based on solid fundamentals
- Positive signs of evolution of customer behaviors in France and Europe
- Continued increase in sales of Carrefour-branded products, reaching 36% of food sales in Q3 (vs. 35% in Q3 2023)
- Group NPS® up +5 points over 12 months (+5 points in France), notably thanks to an improvement in price perception criteria
- E-commerceGMV up +20%, driven by Brazil
Continued price investments in France and other Europe and sound execution of cost savings plan
- €1.2bn cost savings target in 2024 confirmed
FY 2024 financial targets confirmed: Growth in EBITDA and Recurring Operating Income vs 2023, Net FCF in line with the Carrefour 2026 plan trajectory
€700m annual share buyback program almost complete, with €616m achieved to date
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Q3 2024 SALES |
October 23, 2024 |
2 |
Q3 sales growth driven by LFL and M&A
|
+1.5% |
|||||||
|
+5.5% |
|||||||
|
+8.8% |
(1.2)% |
(0.2)% |
|||||
|
€23,629m |
€23,983m |
||||||
|
(11.4)% |
|||||||
|
Q3 2023 |
LFL |
Expansion & |
Petrol |
Calendar |
Forex |
Q3 2024 |
|
|
Gross sales |
M&A |
Gross sales |
|||||
|
Q3 2024 SALES |
October 23, 2024 |
3 |
France: Price investments supporting volumes recovery
Q3 Sales inc. VAT
|
€11,662m |
||||
|
€5,725m |
||||
|
€3,859m |
€2,077m |
|||
|
France |
Hypermarkets |
Supermarkets |
Other formats |
|
|
Variation vs. Q3 23 |
+8.3% |
+11.2% |
+7.4% |
+2.6% |
|
LFL ex. petrol |
-3.0% |
-6.1% |
-1.5% |
+1.5% |
|
ex. calendar |
||||
LFL sales down -3.0% on the back of price investments; food sales -2.7% LFL, non-food-6.2% LFL
Embedded price effect after the sharp price declines of the first half
Strong improvement of market share notably due to the consolidation of Cora & Match;
Stabilization of market share in volume on a like-for-like basis
NPS® improved by +5 points YoY, driven by continued investment in competitiveness supporting price image
|
Q3 2024 SALES |
October 23, 2024 |
4 |
Europe: Sequential improvements in all countries in Q3
|
€6,509m |
Q3 Sales inc. VAT |
||||
|
€3,021m |
|||||
|
€1,020m |
€1,097m |
€793m |
€578m |
||
|
Europe |
Spain |
Italy |
Belgium |
Romania |
Poland |
|
Variation vs. Q3 23(1) -0.5% |
-1.8% |
-5.8% |
-1.5% |
+12.2% |
+2.6% |
|
LFL ex. petrol |
-1.5% |
-1.1% |
-3.1% |
-2.2% |
+1.5% |
-3.0% |
|
ex. calendar |
||||||
Spain: Ongoing price investments driving sequential improvement in activity during the quarter, with positive volumes and sales since the beginning of September
Italy: Strengthened price competitiveness in a difficult market. Continued transformation, with two hypermarkets transferred to lease management since the beginning of the year and eight convenience stores to franchise
Belgium: Solid resilience against high comparables (+7.5% LFL in Q3 2023) thanks to successful commercial initiatives
Romania: Positive momentum with increases in in-store traffic, baskets and volumes. Ramp-up of Cora stores converted to Carrefour
Poland: Adaptation of the model to the highly competitive environment. Evolution of the governance with the
appointment of a new country CEO
(1) At current exchange rates
|
Q3 2024 SALES |
October 23, 2024 |
5 |
Latin America: Solid growth driven by sound momentum in Brazil
Q3 Sales inc. VAT
|
€5,812m |
||||||
|
€4,847m |
||||||
|
€3,506m |
||||||
|
€1,051m |
€291m |
€965m |
||||
|
Latin America |
Brazil |
Atacadão |
Carrefour Retail |
Sam's Club |
Argentina(2) |
|
|
Variation vs. Q3 23(1) |
-8.0% |
-8.7% |
-5.7% |
-19.7% |
+1.9% |
-4.3% |
|
LFL ex. petrol |
+36.4% |
+5.8% |
+5.6% |
+7.1% |
+3.2% |
+185.8% |
|
ex. calendar |
||||||
|
Brazil: Sales up +5.8% LFL |
€129m |
|||||
- Atacadão: Positive growth in both volume and value. Ex-Grupo BIG stores up +14% LFL (+22% LFL in Q3 2023)
- Carrefour Retail: Improved growth momentum, with sales up +7.1% LFL (vs +2.3% LFL in Q2 2024)
- Sam's Club: 35.1% YoY increase in number of active members with 3.5 million members at September-end
- E-commerce: GMV continues to post solid growth (+21% GMV), driven in particular by food, up +34%
- Financial services: Credit portfolio up +18%; billings up +13% in Q3
Argentina: Price leadership maintained in a country marked by pressure on purchasing power
(1) At current exchange rates; (2) Pre-IAS 29 (hyperinflation and foreign exchange)
|
Q3 2024 SALES |
October 23, 2024 |
6 |
Rapid execution of share buyback
|
€700m |
||||
|
€84m |
||||
|
€616m of buybacks secured to date |
to be |
|||
|
€800m |
completed |
|||
|
41.9 million shares repurchased since the |
€750m |
by |
||
|
€700m |
||||
|
beginning of the year |
year-end |
|||
|
652.3 million outstanding shares to date |
€616m |
|
2021 |
2022 |
2023 |
2024 |
|
Q3 2024 SALES |
October 23, 2024 |
7 |
Key takeaways
1
2
3
4
5
Successful execution of major strategic initiatives
- Intensification of price investments in France and in the rest of Europe
- Per plan integration of Cora/Match in France
- Cost savings objective of €1.2bn in 2024 confirmed
Signs of positive evolution of consumer behaviors across France and Europe
Sequential improvement of activity in Q3
Ongoing solid momentum in Brazil
FY 2024 financial targets confirmed
|
Q3 2024 SALES |
October 23, 2024 |
8 |
APPENDIX
CSR Q3 achievements
- Rating:
-
- For the third consecutive year, Moody's rating for the Group improved, from 76 to 78 out of 100 (an increase of 14 points in three years)
- Carrefour's DJSI rating also improved to 68 out of 100 (+3 points)
- The Group also maintains its AA rating by MSCI and Prime C+ by Oekom ISS
- Climate change:
-
- The Group continues to accelerate the implementation of green energy contracts in all its geographies. In September, Carrefour signed 5 long-term renewable electricity contracts with VSB in France. This agreement covers 5 wind farms and photovoltaic panels, which will generate 44 GWh per year by 2025
- Diversity:
-
- The Paris 2024 Olympic and Paralympic Games have enabled Carrefour to further accelerate its Handicap commitments, with 60 handi-accessible stores open in France and first openings in Belgium and Spain
- Supplier commitments:
-
- Carrefour issued a call for applications in July 2024 for a new type of commercial agreement incorporating CSR criteria. The Group intends to accelerate the transformation of its product offering, the reduction of packaging and the reduction of CO2 emissions from its scope 3
- Act for Food II:
-
- On October 8, the Group launched the second chapter of Act For Food, focusing on the accessibility of healthy products
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Q3 2024 SALES |
October 23, 2024 |
10 |
Attachments
Disclaimer
Carrefour SA published this content on October 23, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 23, 2024 at 16:08:16.256.
