Carrefour has reported a 1.0% increase in like-for-like sales in its home market of France in the fourth quarter of its financial year, with sales increasing across all channels – even hypermarkets.
In a fourth quarter that was marked by a slowdown in food inflation and volumes that ‘remained under pressure’, food sales in France went up by 1.9%, while non-food sales fell by 5.8% and e-commerce sales rose by 16%.
In France, the group’s convenience/other formats channel performed the strongest, with a 3.6% increase in like-for-like sales, while supermarket sales rose by 0.6% and hypermarket sales went up by 0.3%.
Group sales rose by 10.2%, on a like-for-like basis, in the fourth quarter, with sales coming in at €25.055 billion for the period, which is an increase of 6.6%, at constant exchange rates.
Across Europe
In Europe, like-for-like sales went up by 2.4% in the fourth quarter – a slowdown on the growth seen in the previous quarter (+4.1%) – which reflected the slowdown in food inflation, the group noted.
In Spain, Carrefour saw a 2.2% increase in like-for-like sales, mainly driven by a 4.3% rise in food sales, while non-food sales dropped by 4.0%. In Italy, meanwhile, Carrefour reported growth of 0.9%, despite a market slowdown.
In Belgium, Carrefour saw a 6.5% increase in like-for-like sales, reflecting rising volumes, while in Romania, like-for-like sales rose by 4.7%, despite high comparatives and a marked slowdown in inflation.
In Poland, Carrefour experienced a 3.8% decrease in like-for-like sales – similar to the previous quarter – amid ongoing challenges influenced by the war in Ukraine. In ‘other European countries’, sales went up by 2.4%.
Elsewhere, in Latin America, the group reported like-for-like sales growth of 30.2%, with Brazil going down by 2.2% and Argentina going up by 193% – the latter impacted by ‘very high’ inflation and temporary product shortages.
Full-Year Performance
For full-year 2023, sales at Carrefour rose by 10.4%, on a like-for-like basis, to €94.13 billion, while recurring operating income stood at €2.26 billion. France saw a like-for-like increase of 4.7%, with Europe going up by 5.5% and Latin America rising by 23.5%.
“In 2023, Carrefour confirmed the strength of its model, in an environment marked by high inflation in Europe, and continued to improve its economic performance,” commented Alexandre Bompard, chairman and chief executive. “These results stem from the hard work and exceptional everyday commitment of Carrefour teams and franchised partners. They confirm the relevance of the Carrefour 2026 plan, whose effects are already noticeable, with strong momentum in private-label sales and e-commerce, and strong cost discipline.
“Carrefour enters this new year with confidence and continues its trajectory towards the objectives set for 2026.”
Bompard also paid tribute to long-standing Carrefour shareholder Abilio Diniz, who died last week, saying, “His personal history will forever be associated with that of our group.”
