CRERF - Carrefour SA (CRRFY) Q1 2024 Earnings Call Transcript
2024-04-24 15:31:02 ET
Carrefour SA (CRRFY)
Q1 2024 Earnings Conference Call
April 24, 2024 12:15 PM ET
Company Participants
Matthieu Malige – Chief Financial Officer
Conference Call Participants
Izabel Dobreva – Morgan Stanley
Viraj Brahmbhatt – Citi
Clément Genelot – Bryan Garnier & Co.
Nicolas Champ – Barclays
Frederick Wild – Jefferies
François Digard – Kepler Cheuvreux
Presentation
Operator
Good day and thank you for standing by. Welcome to the Carrefour Q1 2024 Sales Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Matthieu Malige, Chief Financial Officer. Please go ahead, sir.
Matthieu Malige
Thank you. Good afternoon to all of you and thank you for attending this Q1 2024 sales call. I'm here with Sébastien Valentin, Head of Investor Relations; and the rest of our IR team. Let me start with a few key highlights before we get into the details of Carrefour's Q1 performance. The quarter was marked by the following elements. First, an inflection in Brazil with a return to sales growth, then broadly stable revenue in France and Europe, primarily driven by the slowdown in food inflation across all markets and continued strong momentum in Argentina. Overall sales were up 13.5% on a like-for-like basis over the quarter. A key highlight of the period was investments in competitiveness, notably in France, which we intensified since the beginning of the year. These investments are already visible translating into an improvement of our price positioning in the market. This contributed to an increase of six points in customer satisfaction at group level as measured by the Net Promoter Score.
In view of this, we decided to intensify and accelerate price reductions throughout 2024. At the same time, we are heightening our cost reduction dynamics with a new objective of 1.2 billion for our 2024 cost savings plan versus 1 billion initially. That increase is made possible by the strong momentum we have on current actions, which are rolled out at a rapid pace and by incremental measures. This gives us confidence in our capacity to increase our investments while preserving our financial model....
Carrefour SA (CRRFY) Q1 2024 Earnings Call Transcript