20 February 2025
If you are covering Carrefour's latest results, please see the following comment from Lucy Rumbold, equity research analyst at Quilter Cheviot:
"Carrefour reported a disappointing set of Q4 and full year 2024 results yesterday evening, with profit and earnings missing consensus, as well as a distinct lack of any new buyback announcements.
"The company’s 2024 group sales were up 9.9% on a like for like basis, and up 7.1% for Q4, which were both slightly ahead of estimates. However, its operating income lagged behind with a 2.2% decrease. Management attributed this to increased price investments to enhance competitiveness, which has also resulted in a 13 basis point reduction in Carrefour’s margin.
"Guidance for the year ahead was weak with only ‘slight growth’ expected, which is worse than consensus estimates. Additionally, the company has opted for only a special dividend and no new buyback which the market was anticipating, which is likely so they can accommodate the acquisition of its Brazilian subsidiary."
