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Carrefour 2020 results show further strong growth

Record commercial performance (+7.8% Like-For-Like)

Carrefour's full-year 2020 gross sales increased by +7.8% on a like-for-like basis. The Group's gross sales stood at €78,820M, an increase of + 4.4% at constant exchange rates. Net sales amounted to €70,719M. Gross margin stood at 21.8% of net sales, down -39bps, reflecting price investments, the temporary increase in logistics costs and the evolution of the integrated/franchisee mix, partly offset by purchasing gains. Distribution costs were down -56bps to 15.9% of net sales, compared to 16.4% in 2019. They benefited from cost savings plans and include costs related to store openings and new services offered to customers, notably in digital. 

Group EBITDA reached €4,465M, representing a margin of 6.3%, up +21bps. Group Recurring operating income (ROI) reached €2,173M, up +€343M (+16.4%) at constant exchange rates (the currency effect was negative at -€269m, notably due to the depreciation of the Brazilian Real). 

Operating margin was up +17bps, to 3.1%.The sharp rise in ROI (+€343M at constant exchange rates) reflected the good overall performance of retail activities (c. +€630M); the decrease in the contribution of financial services (c. -€200M at constant exchange rates/c. -€240M at current exchange rates), notably from the increase in the cost of risk and the decrease in net banking income; and the total impact of around -€80m of sanitary measures on the Group’s adjacent activities, notably services (e.g. travel agencies, ticketing) and sales to professionals (HoReCa) in Europe (including France).

Adjusted net income, Group share improved by + €154m to €1,011m compared to €858m in 2019.

The best commercial performance were in France (+3.6% LFL), Spain (+7.1% LFL) and Brazil (+18.2%).

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