Carrefour Q1 FY25 performance matches outlook
French retail giant Carrefour has announced that the group's performance for the first quarter (Q1) of 2025 (FY25) aligns with the full-year outlook with like-for-like (LFL) sales growth of 2.9%.
The Q1 results showed stability, mirroring the performance seen in the preceding quarter.
Carrefour has maintained progress on its strategic plans despite slow-moving European markets, which remain highly competitive. Consumer patterns showed little change from the close of 2024.
The proportion of own-brand products from Carrefour saw a slight increase, reaching 38% compared to 37% in Q1 2024. The gross merchandise value (GMV) for e-commerce surged 19%, with Brazil a significant contributor.
In the French market, there was a 1.7% LFL decrease in quarterly sales, which included a 1.3% LFL dip in food sales and a more pronounced 6.2% LFL drop in non-food sales.
Across Europe, there was a modest 0.3% LFL uptick in sales during the same period, bolstered by a 0.9% LFL rise in food sales that helped counterbalance a 2.9% LFL contraction in non-food sales.
Brazil experienced a robust 5.4% LFL increase in quarterly sales along with an enhancement of the Net Promoter Score by seven points. Overall, when accounting for constant exchange rates, total sales rose 3.6% and Atacadão's quarterly sales jumped by 6.9% LFL.
Carrefour has been expanding its network of convenience stores, opening an additional 72 locations in Q1.
Carrefour chairman and CEO Alexandre Bompard stated: '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 programme, 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.'
The company's direct exposure to recent global tensions remains minimal given the localised nature of Carrefour's operations.
Carrefour rtherefore reaffirms its objectives for 2025 and forecasts marginal increases in EBITDA, recurring operating income and net free cash flow.
On 3 April, Carrefour announced the decision to enhance its bid to acquire all remaining shares of Grupo Carrefour Brasil.
All minority shareholders of Grupo Carrefour Brasil have now given their approval for Carrefour to proceed with the acquisition of all outstanding shares not already under its control.
Following this approval, Carrefour will continue with the subsequent phases required to complete this acquisition deal, anticipated to conclude by mid-June 2025.
Bompard stated: 'It represents a significant step forward in the group's growth strategy in Brazil and a successful first step in the strategic review initiated by Carrefour last February. Full ownership will allow us to manage operations with greater agility, reinforcing our ability to drive sustainable and profitable growth in one of our most dynamic markets."
In March 2025, Carrefour received authorisation from France's competition watchdog Autorité de la Concurrence to proceed with its acquisition of Louis Delhaize's French operations.
"Carrefour Q1 FY25 performance matches outlook" was originally created and published by Retail Insight Network, a GlobalData owned brand.
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