Frederick Wild's questions to Carrefour SA (CRRFY) leadership • Q2 2024
Question
Frederick Wild asked about the scale of the weather impact during the quarter and how consumer sales responded when weather improved in June and July, both in France and other European geographies. He also inquired about the H2 margin outlook for Europe, asking if it's realistic to expect a flat margin as one-off impacts fade and price cuts are offset by savings.
Answer
Executive Alexandre Bompard stated that adverse weather had a major impact on business in most European countries, penalizing seasonal categories like beverages and non-food, and reducing traffic in hypermarkets. He expressed that the impact in H2 couldn't be the same. Executive Matthieu Malige addressed the H2 margin, noting that while one-offs like Romanian integration costs are behind them and purchasing power is restoring, the speed of volume normalization remains uncertain, making a precise guidance on Europe difficult.