Carrefour (CA) Q1 2025 TU earnings summary

Executive summary

• Like-for-like sales grew 2.9% in Q1 2025, matching prior quarter trends and supporting reaffirmed full-year financial targets.

• France, Spain, and Brazil delivered satisfactory performance, with market share gains and improved customer satisfaction, aided by price investments and loyalty initiatives.

• E-commerce GMV rose 19%, especially in Brazil, and Carrefour-branded products reached 38% of food sales, up 1 point year-over-year.

• The €1.2bn cost-saving program for 2025 is on track, supporting price competitiveness and financial targets.

Financial highlights

• Q1 2025 group sales reached €22.674 billion, up 2.9% like-for-like and 6.4% at constant currency; reported revenue up 2.3%.

• Like-for-like sales up 2.9%; expansion and M&A contributed 5.7% to sales growth.

• Forex impact: -4% due to Brazilian real and Argentine peso depreciation.

• France like-for-like sales down 1.7%, but sequential improvement in all formats; Latin America up 12.2% LFL, led by Argentina (+51.5%) and Brazil (+5.4%).

• Europe (ex-France) sales rose 0.3% LFL, with Spain up 1.4% LFL and Romania up 2.7% LFL.

Outlook and guidance

• Full-year 2025 financial targets confirmed: slight growth in EBITDA, recurring operating income, and net free cash flow.

• Expectation of flat market volumes and near-zero inflation in France for the rest of 2025.

• Continued price investments and cost savings to support competitiveness.