PARIS (Reuters) – The French Giant of Large Distribution Carrefour announced Thursday a turnover up 2.9% in comparable to the first quarter, growth carried by Latin America, and confirmed its objectives for 2025.

Carrefour reported sales of 22.67 billion euros pre-aS 29 for the three months until the end of December.

The group again confirms its financial objectives for 2025, which provide for a current operating profit before depreciation (EBITDA), a current operating profit and a net free cash flow in slight progression.

Carrefour remains in slight withdrawal on its French domestic market with sales down 1.7%. The group notes, however, in a press release a “sequential improvement” compared to the last quarter of 2024. France represented almost half of the TTC sales in the first quarter.

In the Latin America region, its TTC sales benefited from a growth of 12.2% in comparable. They are carried there by Brazil, which constitutes the second market in Carrefour after France.

“The strategic review is advancing,” said financial director Matthieu Malige during a call with journalists on Thursday. This review was announced by the group in February, due to persistent difficulties on some of its activities, especially in France.

Affairs in Brazil

Matthieu Malige cited, in this context, the acquisition by Carrefour of shares held by minority shareholders of his Brazilian subsidiary.

In early February, the distributor announced its intention to become the only owner of its Brazilian subsidiary, Grupo Carrefour Brasil (“Brazil crossroads”), by buying these shares and withdrawing it from the São Paulo Stock Exchange.

The financial director also mentioned “the increase in the investment envelope in France” targeted on “the modernization of stores and logistics centers”.

Matthieu Malige, however, refused to specify “other potential actions so as not to compromise them”.

“The local nature of the group’s distribution activity implies direct exposure limited to recent international tensions and in particular to American trade policy,” he said.

In February, the Carrefour announcement of its results for 2024 and its forecasts for 2025 had disappointed the market: its title had dropped on the stock market the next day, losing almost 9% of its value.

Carrefour also faces difficulties with its franchise model in France, including several conflicts with franchisees.

The principal takes place in court before the Commercial Court of Rennes and opposes it to the Association of Franchisees in Carrefour (AFC), which brings together around 260 franchisees.

(Written by Florence Lève and Dominique Vidalon, edited by Kate Entringer)

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