Full Year 2024 Carrefour SA Earnings Call Transcript
Key Points
- Carrefour (CRERF) achieved growth in recurring operating income, EBITDA, and net free cash flow, aligning with multiyear expectations.
- Carrefour France saw a significant increase in market share and recurring operating income, reaching its highest level in over a decade.
- Brazil's recurring operating income grew by nearly 25% in local currency, with Atacadao outperforming the market.
- Carrefour's e-commerce segment experienced substantial growth, with GMV increasing by 18%, reinforcing its leadership in home delivery.
- The company achieved a 111% score in its Corporate Social Responsibility Index, meeting emissions reduction goals ahead of schedule.
- The European market remained challenging, with weak consumption and competitive pressures impacting profitability.
- Foreign exchange had a strong negative impact, particularly due to the depreciation of the Brazilian real and Argentine peso.
- Recurring operating income in Europe was down, affected by competitive markets and low volume growth.
- Net financial charges increased significantly, largely driven by the situation in Argentina.
- The company faces limited visibility on the timing of volume recovery in Europe, impacting future growth projections.
Thank you. Good afternoon, everyone. Thank you for joining us for the presentation of our 2024 results.
In a nutshell, 2024 was a challenging year for Europe-run food retailers. Consumption was weak and markets were competitive. In this context, Carrefour decided to invest in its competitiveness and pursued its transformation at a high pace.
Overall, results show steady delivery. We see growth in recurring operating income at constant Forex, growth in EBITDA and the net free cash flow in line with expectations on multiyear trajectory. Those results are notably driven by the good performance of our three key countries: France, Brazil and Spain.
In the French market, affected by a decrease in consumption volumes, Carrefour France realized a remarkable year. 2024 marked our strongest investment in prices and led to our best price positioning since 2020. It has been well noticed by customers as reflected in a plus 5 points in French NPS and the market share growing in Q4 on the like-for-like basis,
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