William Woods's questions to Carrefour SA (CRRFY) leadership • Q2 2024
Question
William Woods questioned if the price investments made are sufficient to not just stabilize but also improve market share. He also asked for more detail on the Brazilian consumer beyond stabilizing volumes that provides confidence in an inflection point. Lastly, he inquired if Carrefour is seeing evidence of inflation ticking upwards in H2 due to rising commodity prices.
Answer
Executive Alexandre Bompard confirmed that significant price investments in France have restored their price position to pre-inflation levels and have translated into improved NPS and stabilized volume market share. Regarding Brazil, he cited a combination of positive macroeconomic data (normalized food inflation, volumes) and the success of their own strategic initiatives across all formats. On inflation, he stated that Carrefour currently sees very low single-digit food inflation, which is a normalization, and expects this to continue in H2.