FX.co ★ Carrefour Q1 Sales Including VAT Up 13.5% On LFL Basis; Confirms FY24 Outlook

French supermarket chain Carrefour has announced its first-quarter revenues, inclusive of VAT, went up by 13.5% on a comparable basis, hitting a pre-IAS 29 total of 22.156 billion euros, registering a growth of 12.1% at steady currency rates. The hike includes a negative petrol effect of -2.3% and a calendar impact of +1.4%, predominately associated with the leap year and the scheduling of Easter in the first quarter.

Following an adverse exchange rate effect of -11.8%, largely due to the depreciation of the Argentinian Peso, overall revenue growth at present currency rates was +0.4%. The effect of IAS 29 integration was an additional 75 million euros.

Carrefour has reaffirmed its financial objectives for 2024: Growth in EBITDA and routine operating income, along with net free cash flow will align with the projections of the Carrefour 2026 strategic plan.