|
First-quarter 2025 salesβ |
April 24, 2025 |
LFL sales up +2.9% in Q1 2025
Full-year 2025 targets confirmed
ββ Like-for-like sales growth of +2.9% in Q1 2025
ββ In France, record market share in Q1, with a positive trajectory in volume and stable in value excluding Cora & Match. Sales slightly down (-1.7% LFL), in sequential improvement across all formats compared with Q4 2024, reflecting the positive effect of price investments and the successful launch of the new loyalty programme "Le Club Carrefour"
ββ Sales up +5.4% LFL in Brazil, with a solid performance of AtacadΓ£o (+6.9% LFL), again outperforming the market
ββ Sales up +0.3% LFL in the rest of Europe, driven by Spain where the momentum is positive (+1.4% LFL), notably in food
ββ 2025 cost savings plan progressing as planned; β¬1.2bn target confirmed for FY 2025
ββ Continued implementation of strategic initiatives in the first quarter
oβ Increase in sales of Carrefour-branded products, to 38% of food sales (vs. 37% in Q1 2024) oβ Strong growth of e-commerce GMV (+19%), notably driven by Brazil
oβ Sharp increase in NPSΒ (+3 points), driven by the improvement in price image
ββ Full-year2025 financial targets confirmed: slight growth in EBITDA, Recurring Operating Income and Net Free Cash Flow
Alexandre Bompard, Chairman and CEO, declared: "Carrefour's performance in the first quarter of 2025 is in line with the previous quarter and consistent with our annual outlook. In a persistently challenging economic environment, we have, as planned, launched new price investment campaigns in most of our countries and successfully rolled out our new loyalty program 'Le Club Carrefour' in France. Solid performances in France, Spain and Brazil highlight the effectiveness of our strategy focused on purchasing power and customer satisfaction. As a result, we maintained strong commercial momentum this quarter and reinforced our market shares in our key geographies. Driven by the commitment of our teams and franchised partners, we are pursuing the execution of our strategic plan with determination and reaffirm all our financial objectives for 2025."
FIRST-QUARTER 2025 KEY FIGURES
|
First-quarter 2025 |
||||||
|
Sales inc. β |
Total variation |
|||||
|
LFL1 |
At current |
At constant |
||||
|
VAT (β¬m) |
exchange rates |
exchange rates |
||||
|
France |
10,926 |
-1.7% |
+9.3% |
+9.3% |
||
|
Europe |
6,032 |
+0.3% |
-2.0% |
-2.3% |
||
|
Latin America (pre-IAS29) |
5,716 |
+12.2% |
-4.7% |
+10.5% |
||
|
Group (pre-IAS 29) |
22,674 |
+2.9% |
+2.3% |
+6.4% |
||
|
IAS 292 |
-21 |
|||||
|
Group (post-IAS 29) |
22,653 |
|||||
Notes : (1) Excluding petrol and calendar effects and at constant exchange rates; (2) Hyperinflation and foreign exchange in Argentina
|
β |
PAGE 1 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
Q1 2025: IN LINE WITH THE FY 2025 OUTLOOK ANNOUNCED AT THE BEGINNING OF THE YEAR
In the first quarter, Carrefour continued to deliver on its strategic initiatives in sluggish markets in Europe, marked by a still competitive environment. Customer behaviour was very similar to that at the end of 2024. This context is in line with the outlook announced by Carrefour at the beginning of the year.
Strategic initiatives continued to bear fruit. The share of Carrefour-branded products continued to grow (38% vs. 37% in Q1 2024) and e-commerce GMV was up sharply by +19%, notably driven by Brazil. The β¬1.2bn cost-savings plan is well underway; it will contribute to the financing of the 2025 price investment strategy in order to continue and to amplify the market share expansion trajectory initiated in 2024.
In France, price investments made over the past year continued to support the steady improvement in NPSΒ and market share momentum, in a market still marked by sluggish food volumes. A second wave of price cuts is taking place this week on 200 additional products, bringing to 600 the number of products that have seen their price cut by an average of 10% since the beginning of the year. The quarter was also marked by the launch of the new loyalty program "Le Club Carrefour" in January, helping to strengthen the Group's competitiveness. At the same time, Carrefour continues to strengthen its convenience store network with 72 additional stores opened organically in Q1, confirming the attractiveness of the Carrefour model. At the same time, after signing a partnership with Puig & Fils in January, marked by 92 stores joining the network, Carrefour announced on April 1st the addition of Magne to its network, with 101 additional stores, further consolidating its leadership in the convenience format.
The integration of Cora & Match is going per plan. After converting all Cora stores to the Carrefour banner in the last quarter of 2024, the Group has started rolling out Carrefour-branded products, implementing Carrefour's commercial dynamics and working on the integration of support functions. In March, the French Competition Authority definitively approved the takeover of the Cora and Match banners. Carrefour will have to sell 8 stores by the end of the year, in accordance with the Authority's conclusions.
In the rest of Europe, in a competitive market environment, investments in competitiveness are also bearing fruit, notably in Spain, which confirms its positive momentum, and in Romania, with a sequential improvement in sales compared with Q4.
In Latin America, the trend remained well oriented. In Brazil, the quarter was marked by the continued acceleration of AtacadΓ£o's growth, outperforming the market, with positive volumes. In Argentina, Carrefour outperformed the market in an environment marked by a further slowdown in inflation and the ongoing stabilization of volumes.
Carrefour is also making further progress in CSR with new initiatives on its key pillars of climate, health, diversity and inclusion, with notably a new target on plastic reduction by 2030 and the ambition to become the leader in "free from" products1 with β¬1bn sales by 2030.
Business trends observed during the quarter are in line with the environment described last February when the 2024 annual results were published. The local nature of the Group's business means that its direct exposure to recent international tensions is limited. In that context, Carrefour reiterates its 2025 targets and anticipates slight growth in EBITDA, Recurring Operating Income and Net Free Cash Flow.
- Gluten/lactose/nitrite-freeproducts and alcohol-free drinks
|
β |
PAGE 2 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
FIRST-QUARTER 2025 SALES INC. VAT
Group sales incl. VAT increased by +2.9% on a like-for-like basis (LFL) in Q1. They reached β¬22,674m pre-IAS29, an increase of +6.4% at constant exchange rates. This increase includes a globally neutral petrol effect and a calendar effect of -2.2%,mainly linked to the leap year in 2024 and the timing of Easter happening in Q2 in 2025 (vs Q1 in 2024). Acquisitions and expansion represent a positive effect of +5.7%, mainly reflecting the integration of Cora hypermarkets and Match supermarkets in France. After taking into account a negative exchange rate effect of -4.0%,reflecting notably the depreciation of the Brazilian Real and of the Argentine peso, total sales growth at current exchange rates amounted to +2.3%. The impact of the IAS 29 standard on total sales was -β¬21m. E-commerceGMV continued to post dynamic growth, with an increase of +19%.
|
LFL |
Q1 2025 |
|
|
France |
-1.7% |
|
|
Europe |
+0.3% |
|
|
Latin America |
+12.2% |
|
|
Group |
+2.9% |
|
In France, Q1 sales were down -1.7% LFL, reflecting a -1.3% LFL decline in food sales, while non-food sales were down -6.2% LFL. Against a backdrop of sluggish consumption, with no clear inflection in food volumes, Carrefour strengthened its market share gains in volume on a comparable basis (excluding Cora & Match). NPSΒ continued to improve, driven by price image which benefits from price investments made over the past quarters and the success of the new loyalty program, "Le Club Carrefour", launched in January. Common to all formats, it offers customers enhanced benefits, including higher discounts that make Carrefour the least expensive brand on fruits & vegetables and organic products. As a complement, at the end of March, the Group launched its first wave of price decrease in 2025 with 400 key product prices lowered by 10% on average, in line with the strategy of further price investments set out at the beginning of the year.
LFL
Hypermarkets
Supermarkets Convenience/other formats
o/w Convenience
France
Q1 2025
-3.6% -1.3% +1.9% +2.3%
-1.7%
In Europe, sales rose by +0.3% LFL in Q1, with a +0.9% LFL increase in food sales offsetting the slowdown in non-food sales (-2.9% LFL).
ββ In Spain (+1.4% LFL), Carrefour recorded growth across all formats and further strengthened its positive momentum in food (+2.5% LFL in Q1 vs +1.8% LFL in Q4 2024), offsetting the decline in non-food (-2.1% LFL). This decline in non-food is solely attributable to a high base effect in consumer electronics, following a surge in digital TV sales in Q1 2024 driven by the end of analog broadcasting. The improvement in the NPSΒ (+3 points) was supported by a stronger price perception. The Group continued the efforts in competitiveness initiated in 2024 throughout the first quarter
ββ In Italy (-1.7% LFL), sales were down over the quarter on the back of price investments in a slightly negative market
ββ In Belgium (-1.1% LFL), the market environment continued to be marked by intense competition and the effects of our competitors' stores opened on Sundays. Sales were also penalized by a one-day general national strike at the end of March. In that context, Carrefour made further progress on its competitiveness investment program and achieved record levels of customer satisfaction in all its formats
|
β |
PAGE 3 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
ββ In Romania (+2.7% LFL), Carrefour confirmed its good commercial performance, improving sequentially compared with the fourth quarter of 2024 (+1.4% LFL). Cora stores posted solid growth (+9% LFL), notably driven by volumes
ββ In Poland (-1.9% LFL), the sequential improvement initiated in Q4 2024 was confirmed in Q1 2025, in an environment still marked by strong competitive aggressiveness and the continuation of Carrefour's commercial investments
LFL
Spain
Italy
Belgium
Romania
Poland
Europe (excl. France)
In Latin America, sales were up +12.2% on a like-for-like basis.
Q1 2025
+1.4% -1.7% -1.1% +2.7% -1.9%
+0.3%
ββ In Brazil, sales were up +5.4% LFL in Q1 with an improvement in NPSΒ of +7pts. Total sales grew by +3.6% at constant exchange rate in Q1. The currency effect was unfavorable at -13.1% for the quarter
oβ AtacadΓ£osales were up +6.9% LFL in Q1 2025, confirming a solid performance, again outperforming the market. AtacadΓ£o strengthens its leadership in the Brazilian market thanks to its price leadership and the success of its strategic initiatives (service counters, assortment overhaul). Ex-Grupo BIG stores converted to the AtacadΓ£o banner posted a +15% LFL growth on a high comparable base (+21% LFL in Q1 2024)
oβ Carrefour Retail(+2.6% LFL) remained well oriented notably thanks to the ramp-up of sales to B2B customers
oβ Sam's Clubsales were up +1.9% at constant exchange rate, including 7 additional stores vs. Q1 2024, and were down -3.8% LFL, due to a cannibalization effect linked to the weight of new stores and an indirect effect of the exchange rate leading to higher prices of imported products
oβ E-commerceGMV continued to post strong growth in Q1 (+29%)
oβ The financial servicesactivity remained well oriented with billings up +12% and an increase of +16% in credit portfolio in Q1
ββ In Argentina (+51.5% LFL), Carrefour demonstrated the strength of its model with strong market share gains in the quarter, driven by a continued improvement in NPSΒ against a backdrop of slowdown in inflation and progressive stabilization of volumes
LFL
Brazil
AtacadΓ£o
Carrefour Retail
Sam's Club
Argentina
Latin America
Q1 2025
+5.4%
+6.9%
+2.6%
-3.8%
+51.5%
+12.2%
|
β |
PAGE 4 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
PROPOSED DELISTING OF CARREFOUR BRAZIL
ββ On April 3rd, the Group announced its decision to raise its offer to acquire all outstanding shares of its subsidiary Grupo Carrefour Brasil with the following conditions:
ββ 8.50 Brazilian reais (R$) in cash per Carrefour Brazil share (vs. R$7.70 previously); ββ 1 Carrefour share2 for every 9.96 Carrefour Brazil shares (vs. 1 for 11);
ββ A combination of the two options: R$4.25 (vs R$3.85) in cash per Carrefour Brazil share plus 1 Carrefour share for every 19.92 Carrefour Brazil shares (vs. 22.00)
ββ The General Meeting will take place on April 25, 2025. Should a simple majority of free float shareholders vote in favor, the deal should be finalized in the second quarter.
FURTHER PROGRESS IN CSR
In the first quarter, Carrefour continued to implement its strong CSR commitments, as part of its 2026 strategic plan, notably regarding climate, health, diversity and inclusion :
ββ Climate - Carrefour has set an ambitious new target: eliminating 15,000 tonnes of virgin plastic from the packaging of its own-brand products by 2030, representing a 10% reduction in the amount of virgin plastic used in its single-use packaging. The Group is also asking its biggest suppliers to set targets for reducing their plastic footprint and for circularity, in line with the principles of the Ellen MacArthur Foundation's Global Commitment. This new commitment, unique in the retail sector, is in line with the Group's ongoing initiatives to reduce the environmental impact of its packaging
ββ Health - As a leader in food transition for all, Carrefour has long been committed to offering its customers healthy products. In early 2025, the Group announced its intention to go even further, setting the goal of becoming the leader in "free" products, with sales of β¬1 billion by 2030, and offering its customers the broadest range of products in four categories : gluten-free products, lactose-free products, nitrite-free products and alcohol-free drinks
ββ Diversity and inclusion - Carrefour is pursuing its ambition to make reading accessible to all from an early age, and has set the target of selling 30 million books at 1 euro by 2030. This initiative is in line with its program to fight against illiteracy and dyslexia-related disorders
AGENDA
ββ Annual General Meeting: May 28, 2025
ββ Q2 sales and H1 2025 results: July 24, 2025 (after market close)
ββ Q3 sales: October 22, 2025 (after market close)
CONTACTS
|
Investor Relations |
|
|
SΓ©bastien Valentin, Andrei Dragolici and Mathilde Novick |
Tel : +33 (0)1 64 50 82 57 |
|
Shareholder Relations |
Tel : 0 805 902 902 (toll-free in France) |
|
Group Communication |
Tel : +33 (0)1 58 47 88 80 |
- Minority shareholders electing to receive Carrefour group shares could choose to receive these in the form of Brazilian Depositary Receipts ("BDRs"), listed in SΓ£o Paulo
|
β |
PAGE 5 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
|
APPENDIX |
||||||||
|
First-quarter 2025 sales inc. VAT |
||||||||
|
Variation ex petrol ex |
Total variation inc. petrol |
|||||||
|
Salesβ |
calendar |
|||||||
|
inc. VAT |
||||||||
|
at current |
at constant |
|||||||
|
(β¬m) |
||||||||
|
LFL |
Organic |
exchange |
exchange |
|||||
|
rates |
rates |
|||||||
|
France |
10,926 |
-1.7% |
-1.9% |
+9.3% |
+9.3% |
|||
|
Hypermarkets |
5,478 |
-3.6% |
-4.3% |
+14.0% |
+14.0% |
|||
|
Supermarkets |
3,609 |
-1.3% |
-1.6% |
+6.4% |
+6.4% |
|||
|
Convenience /other formats |
1,839 |
+1.9% |
+3.8% |
+2.1% |
+2.1% |
|||
|
Other European countries |
6,032 |
+0.3% |
+0.1% |
-2.0% |
-2.3% |
|||
|
Spain |
2,714 |
+1.4% |
+2.3% |
-0.1% |
-0.1% |
|||
|
Italy |
951 |
-1.7% |
-4.7% |
-8.2% |
-8.2% |
|||
|
Belgium |
1,059 |
-1.1% |
-1.8% |
-3.9% |
-3.9% |
|||
|
Romania |
745 |
+2.7% |
+3.6% |
+2.7% |
+2.7% |
|||
|
Poland |
564 |
-1.9% |
-2.5% |
-2.2% |
-5.1% |
|||
|
Latin America (pre-IAS29) |
5,716 |
+12.2% |
+12.8% |
-4.7% |
+10.5% |
|||
|
Brazil |
4,677 |
+5.4% |
+5.8% |
-9.5% |
+3.6% |
|||
|
Argentina (pre-IAS 29) |
1,039 |
+51.5% |
+54.9% |
+24.8% |
+52.9% |
|||
|
Group total (pre-IAS29) |
22,674 |
+2.9% |
+2.9% |
+2.3% |
+6.4% |
|||
|
IAS 29(1) |
-21 |
|||||||
|
Group total (post-IAS 29) |
22,653 |
|||||||
|
β |
||||||||
Note: (1) hyperinflation and foreign exchange
|
β |
PAGE 6 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
Technical effects - First-quarter 2025
France
Hypermarkets
Supermarkets
Convenience /other formats
Other European countries
Spain
Italy
Belgium
Romania
Poland
Latin America
Brazil
Argentina
|
Calendar |
Petrol |
Foreign |
|
|
exchange |
|||
|
-2.1% |
-0.4% |
- |
|
|
-2.6% |
+0.7% |
- |
|
|
-1.8% |
-2.0% |
- |
|
|
-1.1% |
-0.6% |
- |
|
|
-2.2% |
-0.2% |
+0.3% |
|
|
-1.7% |
-0.6% |
- |
|
|
-3.4% |
-0.1% |
- |
|
|
-2.1% |
- |
- |
|
|
-0.9% |
- |
-0.1% |
|
|
-4.0% |
+1.4% |
+2.9% |
|
|
-2.5% |
+0.2% |
-15.2% |
|
|
-2.6% |
+0.4% |
-13.1% |
|
|
-2.0% |
- |
-28.1% |
|
Group total |
-2.2% |
-0.0% |
-4.0% |
|
β |
PAGE 7 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
Expansion under banners - Q1 2025
|
Dec. 31β |
Openings/β |
Closures/β |
|||||||||
|
Store |
|||||||||||
|
Store |
Acquisitions |
Q1 2025 change |
Mar. 31 2025 |
||||||||
|
Thousands of sq. |
2024 |
reductions/ |
|||||||||
|
enlargements |
|||||||||||
|
m |
Disposals |
||||||||||
|
France |
6,632 |
+15 |
+3 |
-8 |
+9 |
6,641 |
|||||
|
Europe (ex Fr) |
5,833 |
+23 |
- |
-25 |
-1 |
5,831 |
|||||
|
Latin America |
3,784 |
+6 |
- |
-12 |
-6 |
3,778 |
|||||
|
Others(1) |
2,156 |
+6 |
- |
-5 |
+2 |
2,158 |
|||||
|
Group |
18,405 |
+49 |
+3 |
-49 |
+3 |
18,408 |
|||||
|
Note: (1) Asia, Africa, Middle East and Dominican Republic |
|||||||||||
|
Store network under banners - Q1 2025 |
|||||||||||
|
Dec. 31β |
Openings |
Acquisitions |
Closures/ |
Transfers |
Total Q1 β |
Mar. 31β |
|||||
|
NΒ° of stores |
2024 |
Disposals |
2025 change |
2025 |
|||||||
|
Hypermarkets |
1,220 |
1 |
- |
-11 |
- |
-10 |
1,210 |
||||
|
France |
325 |
- |
- |
- |
- |
- |
325 |
||||
|
Europe (ex France) |
467 |
- |
- |
- |
- |
- |
467 |
||||
|
Latin America |
193 |
- |
- |
- |
- |
- |
193 |
||||
|
Others(1) |
235 |
1 |
- |
-11 |
- |
-10 |
225 |
||||
|
Supermarkets |
4,301 |
27 |
- |
-44 |
-2 |
-19 |
4,282 |
||||
|
France |
1,171 |
- |
- |
-7 |
-2 |
-9 |
1,162 |
||||
|
Europe (ex France) |
2,251 |
16 |
- |
-19 |
- |
-3 |
2,248 |
||||
|
Latin America |
160 |
- |
- |
-8 |
- |
-8 |
152 |
||||
|
Others(1) |
719 |
11 |
- |
-10 |
- |
1 |
720 |
||||
|
Convenience stores |
8,899 |
152 |
18 |
-88 |
- |
82 |
8,981 |
||||
|
France |
4,784 |
57 |
18 |
-31 |
- |
44 |
4,828 |
||||
|
Europe (ex France) |
3,249 |
55 |
- |
-57 |
- |
-2 |
3,247 |
||||
|
Latin America |
627 |
6 |
- |
- |
- |
6 |
633 |
||||
|
Others(1) |
239 |
34 |
- |
- |
- |
34 |
273 |
||||
|
Cash & carry |
627 |
6 |
- |
- |
- |
6 |
633 |
||||
|
France |
153 |
2 |
- |
- |
- |
2 |
155 |
||||
|
Europe (ex France) |
12 |
- |
- |
- |
- |
- |
12 |
||||
|
Latin America |
413 |
1 |
- |
- |
- |
1 |
414 |
||||
|
Others(1) |
49 |
3 |
- |
- |
- |
3 |
52 |
||||
|
Soft discount (Supeco) |
139 |
- |
- |
-1 |
2 |
1 |
140 |
||||
|
France |
35 |
- |
- |
- |
2 |
2 |
37 |
||||
|
Europe (ex France) |
104 |
- |
- |
-1 |
- |
-1 |
103 |
||||
|
Latin America |
- |
- |
- |
- |
- |
- |
- |
||||
|
Others(1) |
- |
- |
- |
- |
- |
- |
- |
||||
|
Sam's Club |
58 |
- |
- |
- |
- |
- |
58 |
||||
|
France |
- |
- |
- |
- |
- |
- |
- |
||||
|
Europe (ex France) |
- |
- |
- |
- |
- |
- |
- |
||||
|
Latin America |
58 |
- |
- |
- |
- |
- |
58 |
||||
|
Others(1) |
- |
- |
- |
- |
- |
- |
- |
||||
|
Group |
15,244 |
186 |
18 |
-144 |
- |
60 |
15,304 |
||||
|
France |
6,468 |
59 |
18 |
-38 |
- |
39 |
6,507 |
||||
|
Europe (ex France) |
6,083 |
71 |
- |
-77 |
- |
-6 |
6,077 |
||||
|
Latin America |
1,451 |
7 |
- |
-8 |
- |
-1 |
1,450 |
||||
|
Others(1) |
1,242 |
49 |
- |
-21 |
- |
28 |
1,270 |
||||
Note: (1) Asia, Africa, Middle East and Dominican Republic
|
β |
PAGE 8 |
|
First-quarter 2025 salesβ |
April 24, 2025 |
DEFINITIONS
Free cash flow
Free cash flow corresponds to cash flow from operating activities before net finance costs and net interests related to lease commitment, after the change in working capital, less net cash from/(used in) investing activities.
Net Free Cash Flow
Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments.
Like for like sales growth (LFL)
Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant exchange rates, excluding petrol and calendar effects and excluding IAS 29 impact.
Organic sales growth
Like for like sales growth plus net openings over the past twelve months, including temporary store closures, at constant exchange rates.
- Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc
DISCLAIMER
This press release contains both historical and forward-looking statements. These forward-looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the AutoritΓ© des MarchΓ©s Financiers as part of the regulated information disclosure requirements and available on Carrefour's website (www.carrefour.com), and in particular the Universal Registration Document. These documents are also available in English on the company's website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.
|
β |
PAGE 9 |
Attachments
Disclaimer
Carrefour SA published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 16:16 UTC.
