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CONSUMER STAPLES: Carrefour (CAFP; NR/BBB) 3Q trading update

CONSUMER STAPLES
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Q3 sales largely a continuation of YTD trends; LATAM (25% of group) continuing to drive headline growth, France (50%) read-through is not great in what seems to be still competitive pricing environment. Only a trading update - margins are what matters (e.g. LATAM last yr +24% LFL sales, EBIT -24%).

  • Group LFL +8.8%; France -3%, Europe -1.5%, LATAM +36%
  • France fall on continued price investments
    • food -2.8% vs. non-food -6.2%
    • hypermarkets -6.1%, supermarkets -1.5%, convenience +1.2%
    • stable market share ex. acquired stores
    • saw first signs of improvement in consumer purchasing behaviour
  • FY24 targets affirmed; growth in EBITDA (>€4.6b), recurring EBIT (>€2.3b) and net FCF (>€1.6b)from last year.
  • €700m in buybacks this year left unch

Q4/FY24 results 19th of Feb

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Q3 sales largely a continuation of YTD trends; LATAM (25% of group) continuing to drive headline growth, France (50%) read-through is not great in what seems to be still competitive pricing environment. Only a trading update - margins are what matters (e.g. LATAM last yr +24% LFL sales, EBIT -24%).

  • Group LFL +8.8%; France -3%, Europe -1.5%, LATAM +36%
  • France fall on continued price investments
    • food -2.8% vs. non-food -6.2%
    • hypermarkets -6.1%, supermarkets -1.5%, convenience +1.2%
    • stable market share ex. acquired stores
    • saw first signs of improvement in consumer purchasing behaviour
  • FY24 targets affirmed; growth in EBITDA (>€4.6b), recurring EBIT (>€2.3b) and net FCF (>€1.6b)from last year.
  • €700m in buybacks this year left unch

Q4/FY24 results 19th of Feb