{"id":93126,"date":"2025-02-28T11:49:34","date_gmt":"2025-02-28T14:49:34","guid":{"rendered":"https:\/\/murray.adv.br\/?p=93126"},"modified":"2025-02-28T11:49:36","modified_gmt":"2025-02-28T14:49:36","slug":"carrefour-reduces-investments-mirrors-atacadaos-growth-model","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/carrefour-reduces-investments-mirrors-atacadaos-growth-model\/","title":{"rendered":"Carrefour reduces investments, mirrors Atacad\u00e3o\u2019s growth model"},"content":{"rendered":"\n
In a challenging macro scenario in Brazil, chain evaluates cross-brand initiative<\/strong><\/em><\/h6>\n\n\n\n

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02\/28\/2025 <\/p>\n\n\n\n

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The Carrefour Group is tasked with expanding this year by leveraging the assets that doubled its revenue following the acquisition of parts of Makro and Grupo Big between 2020 and 2022. One ongoing initiative involves integrating the operational model of Atacad\u00e3o, a company-controlled chain, into Carrefour\u2019s operations.<\/p>\n\n\n\n

Given the business\u2019s scale\u2014R$120.5 billion in gross revenue, nearly double that of Mercado Libre\u2014it might seem simple, but the food retail sector doesn\u2019t operate in such a straightforward manner. Besides, the competition has offered no respite to any chains in the industry.<\/p>\n\n\n\n

Consumers won\u2019t purchase more food just because the country experiences economic growth or individuals receive salary increases. Margins in this sector are the lowest in all of retail, requiring a constant pursuit of sales to dilute costs and enhance efficiency.<\/p>\n\n\n\n

In an interview at the company\u2019s headquarters, potentially the last before the likely delisting from stock exchange B3, CEO St\u00e9phane Maquaire outlined the measures being implemented for 2025\u2014particularly in same store sales. This revenue grew by 4.9% in 2024 for the company, compared to a 3.4% increase at competitor Assa\u00ed.<\/p>\n\n\n\n

Carrefour has delayed passing on some price increases to consumers by a few days to counteract the rising food inflation. Mr. Maquaire also noted that the decision to delist, announced earlier this month, is not solely tied to the devaluation of the real against the dollar, although he acknowledges the positive impact of the exchange rate.<\/p>\n\n\n\n

The group informed the market last week, following the release of its fourth-quarter financial statements, that it will reduce investments this year as it plans to open fewer stores. No specific numbers were projected.<\/p>\n\n\n\n

Between 2023 and 2024, 60% of investments focused on organic growth. Economic uncertainty, exacerbated by high interest rates and currency fluctuations, has influenced these decisions.<\/p>\n\n\n\n

The retailer owns the Carrefour (supermarkets and big-box stores) and Atacad\u00e3o (cash and carry) chains and operates Sam\u2019s Club, owned by Walmart, in Brazil. As of December, the number of stores totaled 1,007.<\/p>\n\n\n\n

According to Mr. Maquaire, 2025 will be a year to \u201creap the rewards\u201d of investments in acquisitions and the maturation of rebranded stores. Last year, 191 supermarkets, big-box stores, and convenience stores were closed due to underperformance, and 18 were converted to Atacad\u00e3o outlets.<\/p>\n\n\n\n

However, the CEO acknowledges internal aspects that need improvement. \u201cWe\u2019re working on simplifying traditionally complex systems and processes to reduce expenses. We still have work to do here,\u201d he said.<\/p>\n\n\n\n

\u201cWe\u2019re also adding new services [bakeries, butcher shops] for Atacad\u00e3o customers, which will boost revenue without increasing the expense-to-revenue ratio.\u201d This ratio decreased from 14.5% to 13.5% between 2023 and 2024, with both retail and wholesale improving their percentages, although Sam\u2019s Club experienced a decline.<\/p>\n\n\n\n

Of Atacad\u00e3o\u2019s 379 stores, 150 offer these services, representing only 3% of store sales\u2014still insignificant, though they provide higher margins than average.<\/p>\n\n\n\n

He acknowledges that expense management \u201cwasn\u2019t well handled,\u201d especially during the integration of Grupo Big. Additionally, the group aims to improve administrative efficiency at its Shared Services Center in Porto Alegre, Rio Grande do Sul.<\/p>\n\n\n\n

Workforce reductions will be less significant than the adjustments made after acquiring Makro and Big. \u201cNow it\u2019s more about reviewing expenses, not personnel,\u201d he explained.<\/p>\n\n\n\n

In the past two years, Carrefour has dismissed executives, including the C-level, with layoffs affecting around 2,200 employees across the group by December 2024, as reported by Valor. By the end of 2023, the total workforce numbered 150,000.<\/p>\n\n\n\n

Alongside internal measures, financial decisions have been made. Carrefour is managing its cash flow to further deleverage the company amid rising interest rate pressures this year, affecting financial expenses.<\/p>\n\n\n\n

In 2024, debt costs remained stable compared to 2023 due to reduced loan rates with its parent company.<\/p>\n\n\n\n

Carrefour aims for balance: by increasing sales, it can dilute expenses, enhance operations, and consequently reduce leverage ratios. Additionally, by conserving cash, net debt decreases, which can also alleviate leverage pressures.<\/p>\n\n\n\n

To calculate this ratio, net debt is divided by EBITDA, which stood at 2.35 times in December. This indicates stability compared to 2023, following acquisitions and investments, although it was 1.92 times at the end of 2022 (with factoring of receivables and rents).<\/p>\n\n\n\n

The high Selic policy interest rate further impacts this metric, as does the increased factoring of receivables. The retailer has been increasing the factoring of receivables as part of a tactic to boost sales.<\/p>\n\n\n\n

This involves financing installment sales to Atacad\u00e3o consumers, which has been ongoing since April 2024. Purchases can be paid in three installments using any credit card, a move initially met with skepticism due to financial risks.<\/p>\n\n\n\n

The retailer experiences delayed payment for sales and seeks to back this delay through the factoring of receivables. This figure increased by 40% in a year, according to financial reports.<\/p>\n\n\n\n

The management claims this strategy is effective, as same store sales accelerated more than competitors in 2024. If it weren\u2019t successful, they would have discontinued it. This payment option accounted for 10% of cash-and-carry sales last year.<\/p>\n\n\n\n

Competitor Assa\u00ed\u2019s management stated last week that they would test a similar option with corporate clients, but they maintain criticism of the model due to financial costs.<\/p>\n\n\n\n

The Central Bank has raised the Selic rate since 2024, following a surge in the exchange rate fueled by concerns over the country\u2019s fiscal fragility and the government\u2019s growth policies, which face increased popular opposition.<\/p>\n\n\n\n

Internally, Mr. Maquaire has two ongoing initiatives, the first likely more complex than the second.<\/p>\n\n\n\n

He has been working to implement Atacad\u00e3o\u2019s operational style at Carrefour. While Brazil\u2019s largest cash-and-carry chain, with annual sales of R$86 billion, makes decisions more swiftly, Carrefour is perceived as slow and bureaucratic, sources say.<\/p>\n\n\n\n

Carrefour accounts for 25% of Brazil\u2019s sales, while Atacad\u00e3o comprises more than 70% (excluding Sam\u2019s), yet some processes follow Carrefour\u2019s standards.<\/p>\n\n\n\n

\u201cWe want the wholesale culture within Carrefour, to align them closely, and I will continue this effort if delisting from the stock exchange occurs,\u201d Mr. Maquaire said.<\/p>\n\n\n\n

The group has begun negotiating with suppliers in the same manner as Atacad\u00e3o. He believes this approach can be replicated in how the global group integrates with its local businesses.<\/p>\n\n\n\n

Such efforts are naturally expected to encounter resistance in an operation controlled by a French parent company\u2014despite its 50-year history in Brazil, which will be marked this year.<\/p>\n\n\n\n

There is concern that this could become problematic for Atacad\u00e3o, with the opposite effect, meaning Carrefour\u2019s influence on the wholesale chain. \u201cAtacad\u00e3o boasts greater team commitment, whereas Carrefour frequently changes its internal personnel, showcasing a cultural difference,\u201d a former executive noted.<\/p>\n\n\n\n

The CEO says that would not happen as the group has experienced a \u201cchange of mindset.\u201d<\/p>\n\n\n\n

\u201cCulturally, we\u2019ve decided to turn things around, working to do everything Atacad\u00e3o\u2019s way in terms of organization and processes, but obviously, such a major shift aligns with our global strategy. After all, the global entity must also adapt,\u201d he said.<\/p>\n\n\n\n

In 2024, Atacad\u00e3o\u2019s gross revenue grew by 8.7% to R$86 billion, while Carrefour\u2019s (supermarkets and big-box stores) fell by 9.4% to R$27 billion, reflecting store closures. Net earnings reached R$1.9 billion, compared to a R$639 million loss in 2023.<\/p>\n\n\n\n

The second initiative involves further integrating the Carrefour, Atacad\u00e3o, and Sam\u2019s brands. There is a belief that most consumers are unaware that these businesses belong to the same group, including a genuinely Brazilian wholesale chain, which could be better leveraged.<\/p>\n\n\n\n

\u201cWe need to capitalize on foot traffic with cross-brand initiatives,\u201d the CEO said. Since September, Carrefour credit cards can be used at Atacad\u00e3o and Sam\u2019s, with certain benefits. \u201cWe could establish a universal loyalty program, \u2018Meu Grupo Carrefour,\u2019 for all brands,\u201d he said, without providing further details.<\/p>\n\n\n\n

Another current focus is the price hikes in stores since late 2024, following the real\u2019s depreciation against the dollar. Initial price increases are positive, as they boost nominal chain revenue. However, in the long run, the effect is detrimental.<\/p>\n\n\n\n

Carrefour hasn\u2019t halted price hikes but has delayed them by a few days\u2014up to a week\u2014to provide relief for consumers. They still believe that price increases will lose momentum in the second half of the year, considering the strong comparison base of 2024.<\/p>\n\n\n\n

In 2024, the group opened 19 Atacad\u00e3o units (18 conversions from other chains and one new opening) and seven Sam\u2019s Club locations. No new supermarkets or big-box stores were opened, still outside organic expansion plans. The retail unit is undergoing a restructuring process.<\/p>\n\n\n\n

Mr. Maquaire points out that there will be fewer openings in 2025 but refrains from providing forecasts\u2014in a conference call with analysts on the 19th, he mentioned that \u201ceveryone\u201d in the country is doing this due to the increased cost of capital with the rise of the Selic rate.<\/p>\n\n\n\n

Regarding investments, in 2024, R$2.1 billion was invested, marking the third consecutive year of reduced spending (after accounting for acquisition-related expenses) due to the need to curb cash outflows in 2025.<\/p>\n\n\n\n

While future data isn\u2019t disclosed, if investments decelerate as claimed, they might return to pre-pandemic levels\u2014about R$1.8 billion in 2019.<\/p>\n\n\n\n

Based on these measures, the group believes it can navigate 2025 without major disruptions\u2014contingent on favorable macroeconomic conditions\u2014and resume accelerated openings in 2026 and 2027.<\/p>\n\n\n\n

Regarding the plan for the French controllers to take the company private, Mr. Maquaire considers it a logical decision, given that the asset hasn\u2019t appreciated in the stock market despite recent investments. The chain is valued at R$15.3 billion (\u20ac2.5 billion), having lost 50% of its value since going public.<\/p>\n\n\n\n

Managers consulted find it hard to understand the timing of this decision, except for the recent currency advantage [a more devalued real against the euro], as the asset hasn\u2019t returned to the R$15 IPO price since late 2022.<\/p>\n\n\n\n

\u201cWhy not take advantage of [the exchange rate]?\u201d he asks. \u201cFrance has always believed in growth opportunities in Brazil, and now the [share] price is lower. I also think all governance steps have been taken, simplifying many things. Sometimes, having two listed companies, one above the other, offers little autonomy and creates misalignment.\u201d<\/p>\n\n\n\n

Mr. Maquaire also addressed the risk of low participation in one of the proposals to go private. There is an option to convert 11 shares in the country into one share in France, as presented by the controlling shareholders.<\/p>\n\n\n\n

Why would anyone choose to be a shareholder in the company in France after the share is valued at R$7.70, in an IPO initially priced at R$15? \u201cPerhaps this is a question for Pen\u00ednsula Participa\u00e7\u00f5es [a shareholder in the chain in both Brazil and France]. They\u2019ve already stated their intention to swap their shares. I don\u2019t know if everyone will sell at R$7.70.\u201d Pen\u00ednsula declined to comment on the matter.<\/p>\n\n\n\n

*By\u00a0Adriana Mattos\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

In a challenging macro scenario in Brazil, chain evaluates cross-brand initiative 02\/28\/2025 The Carrefour Group is tasked with expanding this year by leveraging the assets that doubled its revenue following the acquisition of parts of Makro and Grupo Big between 2020 and 2022. One ongoing initiative involves integrating the operational model of Atacad\u00e3o, a company-controlled […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[25914,25915],"class_list":["post-93126","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-carrefour-reduces-investments","tag-challenging-macro-scenario-in-brazil"],"yoast_head":"\nCarrefour reduces investments, mirrors Atacad\u00e3o\u2019s growth model - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/carrefour-reduces-investments-mirrors-atacadaos-growth-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carrefour reduces investments, mirrors Atacad\u00e3o\u2019s growth model - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"In a challenging macro scenario in Brazil, chain evaluates cross-brand initiative 02\/28\/2025 The Carrefour Group is tasked with expanding this year by leveraging the assets that doubled its revenue following the acquisition of parts of Makro and Grupo Big between 2020 and 2022. 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