Carrefour Brasil Surpasses Market Forecasts with R$ 1.7B Adjusted Net Profit in Q4 2024

Carrefour Brasil (CRFB3), operating under the Atacadão brand, posted a net profit of R$ 1.16 billion ($193 million) in Q4 2024, reversing a R$ 565 million ($94 million) loss from the same period in 2023.

This performance, disclosed on February 18, 2025, far exceeded market expectations, with analysts at BTG Pactual forecasting just R$ 400 million in net profit. Adjusted net profit surged to R$ 1.77 billion ($295 million), reflecting an annual growth of 240.5%.

The company’s adjusted EBITDA reached R$ 1.91 billion ($318 million), a modest 2.2% increase year-over-year, with an EBITDA margin of 6.5%, down slightly by 0.02 percentage points.

Total revenues grew by 5.3% to R$ 31.2 billion ($5.2 billion), while gross sales rose by 5.5% to R$ 32.8 billion ($5.47 billion). The Atacadão banner drove this growth, with gross sales increasing by 9.6% to R$ 23.3 billion ($3.88 billion) and same-store sales rising by 6.3%.

Despite challenges in its retail segment—where net sales fell by 7.6% and total revenues dropped by 7.2%—Carrefour managed to improve adjusted EBITDA in this area by 10.5%.

Cost control also played a key role, as financial expenses grew just 1.8%, with their percentage of net sales decreasing by 50 basis points. Carrefour’s strong results come as its French parent company plans to delist the Brazilian subsidiary from the stock exchange (B3).

In short, the parent company, which owns around 70% of Carrefour Brasil, aims to acquire the remaining shares and streamline operations through full ownership.

These results highlight Carrefour Brasil’s resilience and ability to adapt in a competitive market, offering critical insights into Brazil’s retail landscape and its evolving dynamics for investors and stakeholders alike.

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