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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