Carrefour Brasil Posts R$225 Million Profit, Eyes Faster Growth After B3 Delisting

According to data compiled by LSEG, Carrefour Brasil reported net income of R$225 million ($38 million) in the first quarter of 2025, up sharply from R$39 million ($7 million) a year earlier.

The company reported adjusted net income of R$282 million ($47 million), compared with R$52 million ($9 million) in Q1 2024. Total revenue climbed 6.2% year-on-year to R$27.99 billion ($4.7 billion). Net sales rose 5.1% to R$26.11 billion ($4.4 billion), driven by consistent retail demand.

Carrefour Brasil achieved 5.4% same-store sales growth, excluding fuel and calendar effects. Its Atacadão cash-and-carry chain led that metric with a 6.9% increase.

The shift of Easter from Q1 to Q2 last year weighed slightly on comparisons but did not dilute the underlying momentum. Management credited mature new stores and ongoing efficiency measures for the strong sales trends.

The company opened one new Atacadão outlet in Rio de Janeiro and launched a wholesale distribution center in São Paulo during the quarter. It now operates 1,000 stores, down from 1,034 a year ago, as it optimizes its network.

Atacadão accounted for roughly 72% of total sales, with gross merchandise volume rising 29% to R$3.10 billion ($517 million). Carrefour Brasil’s adjusted EBITDA reached R$1.47 billion ($245 million), a 3.7% increase over last year, while the adjusted EBITDA margin held at 5.6%.

EBIT rose 9.5% to R$1.03 billion ($172 million). The company invested R$359 million ($60 million) in capital expenditure, up 15% year-on-year, focusing on store rollouts and technology upgrades.

Carrefour Brasil Gears Up for Privatization and Strategic Growth

Chief Executive Stéphane Maquaire said disciplined cost control remained a priority. He noted that the high Selic rate at 15% would temper new openings this year, but he expects rate relief to unlock faster growth.

He said the business “arranged its structure last year and continues to seek efficiency gains.” Maquaire also highlighted positive calendar effects, such as Atacadão’s April anniversary and Easter timing, which supported early Q2 performance.

Shareholders approved a proposal to delist Carrefour Brasil from B3, with 59% voting in favor at the extraordinary general meeting on April 25.

The French parent plans to complete the privatization by mid-June, streamlining governance and accelerating decisions. Maquaire said merging Brazilian operations under the French holding would simplify processes and reduce complexity created by dual listings.

Carrefour Brasil now represents about 20% of the global group’s sales, making Brazil its second-largest market behind France. Management plans to accelerate Atacadão expansion from 2026, aiming to add roughly 100 outlets by 2027.

The company will focus on selective network growth, service enhancements and continued margin discipline to sustain momentum as economic conditions evolve.

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