Sreedhar Mahamkali's questions to Carrefour SA (CRRFY) leadership • Q2 2024
Question
Sreedhar Mahamkali inquired about the full-year 2024 outlook, asking if H1's 6% recurring operating income (ROI) growth is a reasonable assumption for H2, particularly in France. He also sought clarification on why H1's negative trend in Europe shouldn't be extrapolated, requesting quantification of one-offs like financial services in Spain or Cora integration costs. Lastly, he asked for the full-year outlook on free cash flow and real estate disposals.
Answer
Executive Alexandre Bompard confirmed the full-year 2024 objectives for growth in EBITDA, ROI, and free cash flow, stating the current consensus is consistent with internal views. He explained that H1 in Europe was impacted by temporary, country-specific issues and adverse weather, and that the company is more constructive for H2. Executive Matthieu Malige added that while real estate disposals might be lower than the prior strong year, they would remain in a similar order of magnitude, and the company is on track to meet its full-year free cash flow guidance.