Company Reports

Carrefour’s first fiscal half-year 2026 earnings included like-for-like growth of 2.1%, with all regions except Brazil and Poland reporting growth. Recurring operating income increased 4.0%, driven by profitability expansion in France, Spain, and Brazil. Earnings per share improved 18.3%.

Carrefour is a multinational food retailer with a large weighting in Europe, mostly in the mature and competitive Western part of the continent: France, Spain, and Belgium. In addition, Carrefour operates in Latin America under its namesake banner and food wholesaler, Atacadão.

Carrefour’s first-quarter trading update included 2.5% growth at constant exchange rates, with all regions except Brazil reporting like-for-like growth. The company confirmed its 2026 financial targets, including more than a 25-basis-point expansion in operating margin from a year ago.

Carrefour’s full-year 2025 results included like-for-like net sales growth of 2.8% and a recurring operating income decline of 0.9% at constant exchange rates. With the completion of Carrefour’s 2026 roadmap, the company laid out its 2030 financial targets. Shares were down 7% intraday on Feb. 18.

Carrefour is a multinational food retailer with a large weighting in Europe, mostly in the mature and competitive Western part of the continent: France, Spain, and Belgium. In addition, Carrefour operates in Latin America under its namesake banner and food wholesaler, Atacadão.

Carrefour is a multinational food retailer with a large weighting in Europe, mostly in the mature and competitive Western part of the continent: France, Spain, and Belgium. In addition, Carrefour operates in Latin America under its namesake banner and food wholesaler, Atacadão.

Carrefour is a multinational food retailer with a large weighting in Europe, mostly in the mature and competitive Western part of the continent: France, Spain, and Belgium. In addition, Carrefour operates in Latin America under its namesake banner and food wholesaler, Atacadão.

We are transferring coverage of four multinational grocers: Tesco, Sainsbury’s, Carrefour, and Ahold Delhaize. Tesco and Sainsbury’s are the largest grocers in the UK. Carrefour operates across Europe and Latin America, while Ahold is a leader in several European markets and North American regions.

Carrefour reported its first-half fiscal 2025 earnings, delivering 7.5% revenue growth and 9.2% gross profit growth at constant exchange rates.

We maintain our EUR 17 per share fair value estimate for no-moat Carrefour after the firm reported its first-quarter trading update in line with our estimates. Management confirmed its targets, which remained vague, involving slight growth in EBITDA, recurring operating income, and net free cash flow. We expect the firm can improve its bottom line through pricing and cost-saving actions; however, we remain wary of the uncertain environment in Europe.

We maintain our EUR 17 per share fair value estimate for no-moat Carrefour, after the firm reported fourth-quarter and full-year 2024 results in line with our estimates. Carrefour has made progress toward its strategic 2026 objectives through pricing and cost-saving actions; however, we are wary of the sluggish environment in Europe. 2025 guidance remained vague, with the firm aiming to increase organic growth and initiate a new EUR 1.2 billion cost-savings plan.

No-moat Carrefour reported its third-quarter 2024 sales update, with group like-for-like sales up 9%. Within this, like-for-like sales in France declined 3% in the quarter, reflecting a 6% decline in nonfood sales, however, we were pleased to see volumes beginning to stabilize in the region. Supermarket and hypermarket sales were down 2% and 6%, respectively, while convenience stores were up 2% in the quarter. Despite headwinds, we remain impressed with the firm’s private label expansion, accounting for 36% of food sales, up from 35% in the third quarter of 2023.

Carrefour provides exposure to global food retail with a high European weighting, mostly in the mature and competitive western part of the continent: France, Spain, Italy, and Belgium. However, it is highly exposed to the large hypermarket format, which is in structural decline in mature markets. This is because of consumer behaviour shifts and demographic trends (less waste, lower family formation rates, smaller families), which have contributed to the structural growth of convenience over one-stop shops, with shoppers preferring more frequent shopping trips and smaller baskets.

Carrefour reported half-year results with second-quarter group like-for-like sales up 10.8%. Within this, France reported negative 3.5% like-for-like growth in the period, reflecting lower inflation and price investments with volumes remaining under pressure and nonfood sales continuing to underperform (down 10.9%). Supermarket and convenience store sales were slightly negative (2.4% and 0.9% down, respectively), while sales in hypermarkets were down 5.5%. Notably, Carrefour's private-label brand now accounts for 37% of food sales, which is in line with evidence from European peers reporting private-label outperformance.

Carrefour provides exposure to global food retail with a high European weighting, mostly in the mature and competitive western part of the continent: France, Spain, Italy, and Belgium. However, it is highly exposed to the large hypermarket format, which is in structural decline in mature markets. This is because of consumer behaviour shifts and demographic trends (less waste, lower family formation rates, smaller families), which have contributed to the structural growth of convenience over one-stop shops, with shoppers preferring more frequent shopping trips and smaller baskets.

Carrefour reported a first-quarter trading update, with group like-for-like sales up 13.5%. Within this, France reported negative 0.4% like-for-like growth in the quarter, reflecting lower inflation and price investments with volumes remaining under pressure and nonfood sales continuing to underperform (down 7.5%). Supermarket and convenience store sales were flat, while sales in hypermarkets were down 1.3%. Notably, Carrefour's private-label brand now accounts for 37% of food sales (versus 35% in first-quarter 2023), which is in line with evidence from European peers reporting private-label outperformance.

Carrefour reported fourth-quarter 2023 sales and fiscal 2023 results, with group like-for-like sales up 10.2% in the fourth quarter and up 10.4% in fiscal 2023. Within this, France reported 1% like-for-like growth in the quarter, supported by like-for-like growth across formats. Supermarket sales were up 0.6%, hypermarket sales were up 0.3%, with trends for convenience stores continuing to be resilient, up 3.2% on a like-for-like basis. Carrefour France had a strong 2023 performance, with like-for-like sales up 4.7%, driven by solid like-for-like sales growth in food (up 6%, while nonfood was down 4.9%). Top-line performance translated into good profit growth with recurring operating income up 18.5% for the year, to a 2.6% operating margin from 2.2% the previous year.

Carrefour reported a third-quarter trading update, with group like-for-like sales up 9%. Within this, France reported 4.3% like-for-like growth in the quarter, supported by resilient like-for-like growth across formats. Supermarkets sales were up 3.8%, but the standout performance came from the Hypermarkets segment, which was the main driver (up 4.2%), with trends for convenience stores continuing to be strong, up 5.3% on a like-for-like basis. Carrefour France reported another notable performance. Recent trends in the region confirm that execution and positioning of the business continue to yield tangible results in a key market (France) and channel (hypermarkets), driven by solid like-for-like sales growth in food (up 5.7%, while nonfood was down 6.8%).

Carrefour reported another solid quarter in its first-half 2023 results, with group like-for-like sales up 10.3%. Within this, France reported 7.3% like-for-like growth in the second quarter, supported by resilient like-for-like growth across formats. Hypermarkets were up 6.6% and supermarkets 7.6%, while trends for convenience stores continued to be strong, up 8.2% on a like-for-like basis. Carrefour France reported another notable performance, coupled with volume market share and new customer gains during the first half (567,000 new customers, according to the company). Carrefour has come a long way in France. Recent trends in the region confirm that execution and positioning of the business have yielded tangible results in a key market (France) and channel (hypermarkets), driven by solid like-for-like sales growth in food (up 8.5%, while nonfood was down 3.1%). Profitability improved by 36 basis points versus last year with recurring operating income at 1.4% in the first half.

Carrefour provides exposure to global food retail with a high European weighting, mostly in the mature and competitive western part of the continent: France, Spain, Italy, and Belgium. However, it is highly exposed to the large hypermarket format, which is in structural decline in mature markets. This is because of consumer behaviour shifts and demographic trends (less waste, lower family formation rates, smaller families), which have contributed to the structural growth of convenience over one-stop shops, with shoppers preferring more frequent shopping trips and smaller baskets.