Furthermore,
Carrefour: return growth france exit:
(BFM Stock Exchange) – The large distribution group climbs to the Paris. Meanwhile, Stock Exchange after delivering a series of ads appreciated by investors on the occasion of the publication of its half -yearly results. Moreover, France has returned to growth. Therefore, the current operating profit has exceeded expectations, and the company has acted with its withdrawal from Italy.
The concern surrounded Carrefour before its results of the first semester. Therefore, At the end of June. Nevertheless, JPMorgan had placed the title under “negative surveillance”, expecting this publication to illustrate a deterioration in the dynamics of the specialist in large distribution. Moreover, This decision by the American bank had sent the action to the carpet, the title then falling 7.8%.
Finally, the relief dominates the market after Carrefour published its results on Thursday evening. Therefore, This Friday, the action of the carrefour: return growth france exit company chaired and directed by Alexandre Bompard leaps 6.4% around 1 p.m., signing the highest increase in CAC 40. Therefore,
Carrefour’s publication has several reasons for satisfaction. However, “The results of the second quarter. Therefore, the first semester of Carrefour’s 2025 exercise have exceeded expectations, supported by solid growth on a constant perimeter in all segments, including a strong rebound in France”, summarizes the AlphaValue Studies Office.
In the quarter from April to the end of June, Carrefour’s revenues in France displayed an increase of 2.1% in comparable data, marking a return to growth after a drop of 1.7% over the first three months of the year. Moreover, Analysts have been speeded. In addition, consensus (the average design offices) expect only a stability in turnover over the period, according to Oddo BHF. For example,
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Hypermarkets and supermarkets growing in France – Carrefour: return growth france exit
The largest store formats have surprised. The hypermarkets released growth of 0.6% when the consensus was tapped on a decline of 1%, notes UBS, when the supermarkets increased by 0.7% against a drop expected to 0.3%. Proximity brands and other formats have seen their income increase by 7.6%, much more than the increase of 2.5% anticipated by analysts.
“Performance is mainly pulled by a positive volume effect, supported by investments in prices,” observes Oddo BHF.
Sales of Europe outside France have also accelerated, with growth of 2.2% in data comparable in the second quarter, after an increase of 0.3% in the first. Oddo BHF evokes “a globally more promising market environment in the majority of countries. a resumption of volumes in most countries”. For example, the company recorded growth of 2.9% in Spain thanks to a carrefour: return growth france exit “solid commercial policy and better price positioning”, observes the broker.
In addition, “Latin America has continued to show resilience, even if Brazil has shown some signs of weakness”, notes AlphaValue. Carrefour gave growth of 9.7% in comparable data in Latin America. a figure still inflated by the high inflation experienced by Argentina (which leads to sales up 38.8% for Carrefour in the second quarter).
Ultimately, global sales of Carrefour increased by 4.4% in data comparable in the second quarter, much more than the increase of 2.7% expected by consensus.
Recovery of profitability in France – Carrefour: return growth france exit
Throughout the first half. the current operating profit reached 681 million euros against 670 million euros expected by analysts, which reflects a margin of 1.9%.
In France. the operating profit, excluding integration costs linked to the redemptions of the CORA and Match brands, increased by 20% to reach a margin of 1.9% against 1.6% in the carrefour: return growth france exit first half of 2024. What the group attributes to its “good discipline in terms of cost management. the continuation of the transformation of the operating model of stores”.
The company’s cash flow was negative up to 2.1 billion euros, against -1.7 billion euros a year earlier. in particular due to a negative impact of 180 million euros linked to the consolidation of CORA and Match stores and a negative variation in working fund need.
Carrefour confirmed its objectives for the 2025 exercise. namely “slight” progress of its gross operating result, current operating profit, and its net cash flow, compared to 2024.
Beyond these results per se. Jefferies appreciates the other announcements of the group as well as the comments delivered by management at the conference call.
A negative sale price for Italian activities
Carrefour notably announced the renewal of the Mandate Son CEO. Alexandre Bompard, after 2026, and the carrefour: return growth france exit sale of his activities in Italy. This transaction will have a negative impact on the group’s cash. Carrefour will sell these activities for the symbolic euro to an Italian company called NewPrances Group but is committed to investing 240 million euros. explains Oddo BHF. “The actual price is therefore negative. but will be rereading on the margins and the free cash flow,” deduces the broker.
“We consider this to be a good value in the context of an activity (Italian. editor’s note) which displays an operational loss of 67 million euros and a cash flow available negative of 180 million euros in 2024, without residual/possible liabilities for the group”, writes Jefferies.
The bank also notes that the management explained to expect that the improvement of its activity continues in the second half. in particular in France and Spain.
“The increase in market share in France results from the very carrefour: return growth france exit rapid consumer reaction to investments in prices’. and they (Carrefour, editor’s note) are always’ capable of gaining market share ‘,” also reports Jefferies.
In addition, the company intends to refinance for 1.5 billion euros in debt in Brazil in euros by the end of 2025 which should have a positive impact of 100 million euros on cash flow. net profit, continues the establishment.
“Many reasons to be optimistic”
The cash flow. in the second half will benefit from an improvement in the gross operating result, normalization of the need for working funds and real estate transfers, also writes the design office. In addition. Alexandre Bompard said at the conference call that new announcements related to the strategic journal of the company’s activities (and therefore potentially new transfers) were to come, the bank said.
“With the improvement of sales in comparable data. the disappearance of exceptional elements in terms of operating carrefour: return growth france exit profit, improvement of margins, standardization of the dynamics of working capital requirements, reduction in interest thanks to the refinancing of Brazilian debt, the transfer of Italy, the renewal of the CEO and the continuation of the change program, there are many reasons to be optimistic”, concludes.
UBS believes that in view of the fears about the intensity of the competition in mass distribution in France. the better than expected results of the company, the confirmation of its objectives and the exit of the Italian market have something to “relieve” the market somewhat.
AlphaValue is more reserved. If the results of the first quarter are “positive”. the design office points to the slowdown in results in Brazil and uncertainty in France, “where competitors seem to tighten their cost structures, adding more pressure”.
“Finally. the group still has to carry out a deeper transformation of its activities (in particular by possibly carrefour: return growth france exit withdrawing countries where its performance is insufficient) in order to strengthen its generation of cash flow available in the medium term,” writes the independent design office.
Julien Marion – © 2025 BFM Bourse
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