Carrefour reports strong 2024 performance amid market shifts

GLOBAL – French retail giant Carrefour posted solid financial results for 2024, with like-for-like sales rising 9.9% to €94.6 billion (approximately US$101.22 billion).

Adjusted EBITDA increased by 1.7% to €4.6 billion (approximately US$4.92 billion), reflecting stable performance despite economic pressures.

Carrefour CEO Alexandre Bompard emphasized the company’s progress, stating, “The group today presents solid financial results and indicators confirming the strong progress of its strategic plan.”

The company expanded its private-label offerings, strengthened e-commerce, and continued shifting toward franchising. Sustainability goals were also exceeded, with Carrefour achieving 111% of its CSR index target.

The board proposed a 6% dividend increase to €0.92 (approximately US$0.98 USD) per share, along with a €150 million (approximately US$160.5 million) special dividend, pending shareholder approval.

Inflation in Europe eased in 2024, but consumers remained cautious, favoring smaller purchases and lower-cost options. In response, Carrefour adjusted prices and invested in digital tools and private-label growth.

These moves helped improve customer satisfaction and strengthen its market position in France, Spain, and Brazil. The company also cut costs by €1.24 billion (approximately US$1.33 billion) over the year.

France remained a key market, with recurring operating income growing by 5.5% to €1.04 billion (US$1.11 billion). Carrefour expanded its franchise network with 454 new convenience stores and completed acquisitions of Cora and Match banners.

In Latin America, Brazil recorded strong sales growth and higher returns on investment, while Argentina delivered record returns despite economic struggles.

Carrefour plans further price investments in 2025 to maintain market gains. The company aims to save an additional €1.2 billion (approximately US$1.28 billion) while following its Carrefour 2026 roadmap. It expects slight growth in EBITDA, recurring operating income, and free cash flow.

Belgium returns to profit

Carrefour Belgium closed 2024 with a profit, despite a small drop in sales. Group-wide, profitability faced pressure, with net profit falling from €1.7 billion (approximately US$1.82 billion) to €723 million (approximately US$773.61 million) due to shifting consumer habits.

Sales in Carrefour’s home market fell 2.1% in the fourth quarter, while Italy and Poland also struggled. However, Latin America saw a strong 25.6% sales increase.

Belgium’s fourth-quarter sales reached €1.22 billion (approximately US$1.31 billion), a slight 0.3% drop from the previous year. However, November and December showed small gains.

Full-year Belgian sales stood at €4.53 billion (approximately US$4.85 billion), down 1.6% from 2023, when Carrefour benefited from strikes at competitor Delhaize.

CEO Geoffroy Gersdorff credited the return to profitability to a strategic plan launched two years ago, which has begun to show positive results.

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