The following is a summary of the Carrefour SA (CRRFY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Carrefour reported Q1 total sales of €22.2 billion, an increase of 12.1% at constant currency.
The company continued its share buyback program, repurchasing 29 million shares amounting to €428 million.
E-commerce GMV witnessed a 33% growth in Q1, with a significant increase of 52% in Brazil.
Carrefour confirmed full-year financial objectives including growth in EBITDA and recurring operating income.
Business Progress:
Carrefour raised its 2024 cost savings plan to €1.2 billion from €1 billion due to strong momentum.
The company-branded products now account for 37% of food sales, marking a 2 point increase compared to the previous year.
Carrefour plans to accelerate price reduction throughout 2024, focusing on increased market competitiveness.
Significant strides have been made in the company's 2026 strategic plan, with €700 million of Carrefour's share buyback program already completed.
Improvements in competitiveness have been observed in France, mainly due to strategic price investments.
Brazil is expected to see profitability rebound in 2024.
Continuously strong dynamics have been observed in the converted stores in Brazil, with increases in both the top-line and bottom-line results.
Carrefour is also focusing on enhancing its services to meet customer expectations, contributing to a positive response in customer traffic and basket size.
More details: CARREFOUR S DRC IR
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