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Carrefour (CAFP; NR/BBB) 1H (to June) Earnings Call

CONSUMER STAPLES
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Nothing too shocking, guidance remains non-numeric and its downplaying Europe ex. France margins falls.

  • FY24 prev. guidance was affirmed which includes growth in EBITDA (from €4.6b last year) and growth in adj. EBIT (€2.3b).
  • Expects margin growth to hold in France for FY as well (as seen in 1H). Also discloses average price reduction was 10% in France (purposeful to gain market share) and adds "investments have not triggered any major reaction from our competitors". Kantar has its market share gains flat to +0.1ppt this year.
  • On Europe ex. Frances poor margins it says "would not extrapolate" and is "more constructive for 2H"
  • On FCF its effectively saying will be less than €1.6b given 2H23 was particularly strong which it doesn't expect a repeat of that.

Numbers from before here

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Nothing too shocking, guidance remains non-numeric and its downplaying Europe ex. France margins falls.

  • FY24 prev. guidance was affirmed which includes growth in EBITDA (from €4.6b last year) and growth in adj. EBIT (€2.3b).
  • Expects margin growth to hold in France for FY as well (as seen in 1H). Also discloses average price reduction was 10% in France (purposeful to gain market share) and adds "investments have not triggered any major reaction from our competitors". Kantar has its market share gains flat to +0.1ppt this year.
  • On Europe ex. Frances poor margins it says "would not extrapolate" and is "more constructive for 2H"
  • On FCF its effectively saying will be less than €1.6b given 2H23 was particularly strong which it doesn't expect a repeat of that.

Numbers from before here