Izabel Dobreva's questions to Carrefour SA (CRRFY) leadership • Q2 2024
Question
Izabel Dobreva sought clarification on the consensus ROI of €2.5 billion, asking if management's 'consistent' comment implies they are happy with it or if they expect H2 profits to be up year-on-year. She also requested a more detailed breakout of drivers for the European business, including integration costs and energy cost reversals, to understand the underlying performance. Finally, she asked if European price investments are fully self-funded by efficiency programs.
Answer
Executive Matthieu Malige reiterated that the full-year consensus is consistent with their internal view but declined to detail it by half-year. Executive Alexandre Bompard explained that speaking of Europe as a homogenous unit is difficult, but confirmed that price investments across all markets are financed by cost-saving plans, similar to the dynamic in France. He noted that while energy costs provided a benefit, other costs like transportation have risen, making it complex to 'clean up' the results.