Carrefour (CA) Q4 2024 earnings summary

Executive summary

• FY 2024 net sales were €85,445m, up 2.6%; like-for-like sales rose 9.9%, with Q4 LFL growth of 7.1%.

• Recurring operating income was €2,213m, down 2.2% reported but up 1.4% at constant FX; EBITDA reached €4,637m, up 1.7%.

• Net free cash flow was €1,457m; net debt increased €1,220m to €3,780m, mainly due to the Cora and Match acquisition.

• Strong performances in France, Brazil and Spain; French market share gains accompanied the Cora and Match integration.

• E-commerce GMV rose 18% to €5.9bn; CSR and Food Transition Index achievement reached 111%.

Financial highlights

• Q4 sales reached €25,704m, up 2.6% at current exchange rates; group LFL sales rose 7.1%, mainly driven by Latin America.

• Adjusted net income, Group share, was €1,081m; adjusted EPS was €1.61, down 6% year over year.

• Gross margin was 19.9% of net sales, down 11bps; distribution costs improved 5bps to 14.8%.

• Non-recurring expenses totaled €424m, mainly from restructuring and asset impairments.

• Net financial charges rose to €759m, mainly due to Argentina's currency devaluation and higher European bond interest.

Outlook and guidance

• 2025 guidance targets slight growth in recurring operating income, EBITDA and net free cash flow, with continued market-share gains.

• 2026 targets include net free cash flow above €1.7bn, €10bn e-commerce GMV and 40% private-label share of food sales.

• €1.24bn in cost savings was achieved in 2024; cumulative savings target is €4.2bn by 2026.

• Continued price investment and competitiveness efforts, especially in France, Spain and Brazil.

• Strategic review of business activities and organizational models launched, with no topics off limits.