The following is a summary of the Carrefour SA (CRRFY) Q4 2023 Earnings Conference Call Transcript:
Financial Performance:
Carrefour reported sales growth with full year sales of EUR 94.1 billion, up 10.4% like-for-like.
The recurring operating income had mixed performance, increasing in Europe (France 19%, Spain) but seeing a decrease in Brazil due to market volatility and the integration of BIG.
Gross Cost savings totaled EUR 1.06 billion for the year.
Net free cash flow reached a record high of EUR 1.6 billion, marking a EUR 360 million increase versus 2022.
The total shareholder return was increased to EUR 1.3 billion in 2023; a dividend growth of at least 5% annually and a new share buyback program of EUR 700 million announced for 2024.
Strong e-commerce performance noted with a 26% increase in gross merchandise value and significant improvements in Brazil and France.
Business Progress:
Goals of Carrefour's 2026 plan achieved including growth in e-commerce and private label penetration.
Expansion in company's format, market footprint strengthening, and the franchise model development is in progress, aiming for 50% of revenue from franchised stores in France by 2024.
Successful acquisitions of Cora/Match and 47 stores from El Corte Inglés in Spain took place to strengthen market positions.
Significant advancements in reaching social and environmental goals; meeting Scope 1 and 2 emissions reduction goals two years early.
The company intends to carry out various improvements in 2024 including cost-saving initiatives, digital transformation, and improved price competitiveness.
The initiation of 'Unlimited', a joint business with Publicis in the field of Retail Media, has demonstrated significant success.
More details: CARREFOUR S DRC IR
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