UPDATE 1-Carrefour confident about 2024 after Q1 sales growth accelerates [Yahoo! Finance]
CARREFOUR SA S/ADR (CRRFY)
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Source: Yahoo! Finance
PARIS, April 24 (Reuters) - Carrefour said it was confident about 2024 as it kept its targets for higher profits and cash after sales growth accelerated in the first quarter, driven by improving sales in Brazil and hyperinflation in Argentina. In the core French market however, sales turned slightly negative in the first three months of the year, reflecting slower inflation and continued weak consumer demand. Europe's largest food retailer vowed to accelerate price reductions in France and Europe this year. "We have decided to double down on price cuts over the coming months and into the end of this year," finance chief Matthieu Malige told reporters on a call. Carrefour also increased its planned cost cutting for 2024 by 200 million euros ($214 million) to 1.2 billion euros, and Malige said the extra savings would be used to invest in price cuts. Sales reached 22.156 billion euros ($23.7 billion), marking like-for-like growth of 13.5% and an acceleration from 10.2% growth
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