Carrefour sales under pressure in France and Belgium

Comparable sales grew by 2.9 % to 22.7 billion euros in the first quarter of 2025, meaning Carrefour is broadly meeting expectations. Behind that figure, however, there are diverging trends: on its French home market, comparable sales fell 1.7 % as a result of a 1.3 % decline in food and 6.2 % decline in non-food. On the other hand, the retailer is gaining market share there and its NPS (the indicator of customer satisfaction) is rising. The company expects a lot from its new customer loyalty programme ‘Club Carrefour’ and continues to invest in waves of price cuts.

Comparable sales were also down in Belgium, by 1.1 %. The Belgian market is still characterised by fierce competition and the effects of Sunday openings by competitors, the retailer says. A general national strike at the end of March also had an impact on sales. “In this demanding context, Carrefour continues its ambitious commercial and financial policy with determination, including by continuing to invest in its competitiveness. In this way, it was also able to achieve higher customer satisfaction in all its formats”, the company states.

Elsewhere in Europe, the retailer posted varying results. It did well in Spain, where sales rose 1.4 %, and in Romania, where progress was 2.7 %. The chain’s performance in Italy (- 1.7 %) and Poland (- 1.9 %) was less convincing. The best news came from Latin America, with Brazilian sales up 5.4 %, mainly thanks to strong performance by price-fighter formula Atacadão. In Argentina, there was even a 51.5 % growth.

Strategic initiatives continue to bear fruit, the company says. The sales share of private brands continues to rise: it now stands at 38 %, up from 37 % a year ago. Gross e-commerce sales were up 19 %. NPS advanced 3 % thanks to an improved price image. CEO Alexandre Bompard sees that the effort on purchasing power and customer satisfaction is paying off, confirming the financial outlook for the full year.