Adjusted profits for the first half of the year were €313 million, up 2.3%
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French retail giant Carrefour reported sales of €2.776 billion in Spain in the second quarter of 2024, down 2.1% compared to gross sales figures for the same period in 2023.
In organic terms and excluding the effect of fuel, the company’s turnover fell by one tenth more, 2.2%. In this regard, the French company has explained that it has invested in price competitiveness to face its rivals, which has been compounded by the fact that hypermarkets have performed below expectations due to lower consumption of non-food products.
Worldwide, revenues between April and June amounted to €22.708 billion, 10.8% more than in the same period last year. In organic terms, excluding gasoline and calendar effects, the increase was 10.2%.
By market, revenues from France fell by 3.5% on a comparable basis to €10.112 billion, while those from Belgium fell by 3.8% to €1.112 billion.
Sales in Italy also fell by 5.4% to 1.022 billion euros. In Romania, sales rose by 0.2%, while in Poland they fell by 2.5% to 761 million and 572 million euros respectively.
In Latin America, Carrefour’s turnover in Brazil was 5.436 billion euros, up 6%, and in Argentina it had an increase of 233.1%, reaching 918 million euros.
HALF-YEARLY RESULTS
Accumulated revenues up to June reached 44.863 billion euros, 12.1% more in comparable terms and 11.4% more in organic terms. Of this figure, 5.492 billion euros were generated in Spain.
In addition, net profits, adjusted for the impact of hyperinflation in Argentina, amounted to 313 million euros, an increase of 2.3%.
Gross operating profit (EBITDA) amounted to 1,916 million euros, 3.4% more on a comparable basis, while the company’s net debt as of June 30 was 5,418 million euros, 7.5% more.
“In a mixed economic environment, Carrefour delivered very good results in its two key countries. In France, the group accelerated its investment policy in pricing while maintaining profitability, added a record number of new franchisees and expanded its footprint by integrating Cora and Match. Carrefour’s market share in France was the highest since 2012,” said Chairman and CEO Alexandre Bompard.
The director added that the Brazilian market has performed positively thanks to Atacadão and the synergies derived from the integration of the BIG Group.
The multinational has thus stated that it will accelerate the implementation of its Carrefour 2026 plan, which will be supported by the growth of e-commerce, retail media and private brands.
At the end of June, Carrefour had 1,169 hypermarkets, 4,213 supermarkets, 8,874 convenience stores, 606 cash & carry stores, 132 discount stores (Supeco) and 54 Sam’s Club stores. In total, this amounts to 15,048 establishments, 0.8% more than in December 2023.
REPURCHASE AND SHARE CAPITAL
The multinational announced in February the start of a share buyback programme for 700 million euros, through which 33,149,253 shares have already been acquired for 485 million euros. Management decided to redeem 16,844,310 shares in April and another 13,977,318 in June.
To date, the number of shares comprising the share capital amounts to 677,969,318, including 17,371,339 in treasury stock. The total number of shares in circulation is therefore 660,597,849.
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