French grocery giant Carrefour saw its group sales climb 10.2% on a like-for-like basis in the fourth quarter of 2023, with sales hitting €25.1bn in the period.
The group noted that it saw strong growth of its own-label products (+3pts to 36% of food sales) and in e-commerce (+26.0% to €5.3bn).
In France, like-for-like sales were up only 1.0%, which Carrefour attributed to a further slowdown in food inflation and volumes remaining under pressure. Growth was driven by food sales (+1.9% LFL), while non-food sales decreased (-5.8% LFL).
In its operations across the rest of Europe, like-for-like sales were up 2.4% – a slowdown of 1.6 points compared to the previous quarter. Carrefour noted that there was an average slowdown in food inflation of around 4pts, but better volumes.
In Latin America, the group’s like-for-like sales surged up 30.2%, driven by 193% growth in Argentina, which has been affected by high inflation and temporary product shortages. Carrefour noted that it had managed to stand out from the competition and to further strengthen its price leadership position.
For the full year of 2023, Carrefour’s sales rose 10.4% on a like-for-like basis to €94.13bn, while recurring operating income slipped 4.7% to €2.26bn.
Chief Executive Alexandre Bompard commented: “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.
“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.”
