Carrefour Q3 2024 Sales Report

Carrefour reported a +8.8% growth in like-for-like (LFL) sales for Q3 2024, affirming its full-year financial goals. Excluding Argentina, the company noted a sequential recovery based on strong fundamentals. Carrefour-branded goods now make up 36% of food sales, an increase from 35% last year.

In France, LFL sales fell by 3.0% due to price investment strategies, yet market shares rose, aided by the integration of Cora/Match. Europe saw a 1.5% decline in LFL sales in competitive markets, with notable improvement in Spain since September.

Brazil experienced a 5.8% LFL sales increase, driven by robust performance across formats and continued ex-Grupo BIG store integration. Argentina had a steep rise of 185.8% LFL due to its price leadership in a declining consumption market.

The synergy target of €130 million from the Cora & Match integration is on track, with 34 stores converted to date. Carrefour confirmed its €1.2 billion cost savings target for 2024 and continued its €700 million share buyback.

CEO Alexandre Bompard stated the quarter was pivotal with satisfactory results from competitive investments in France and Europe, with growing customer satisfaction and improving consumer behavior. The Group also played a key role in the successful Paris 2024 Olympics.