French grocery retailer Carrefour posted Q4 and FY2025 earnings on Tuesday, suggesting a slowdown in core markets in Europe, as per an official earnings presentation.
The update comes as the brand struggles to find a turnaround in prospects and revive growth in share price and market capitalization.
According to Gemini, like-for-like sales are a revenue metric that allows for easy comparison in sales between the exact same stores or supermarkets across two time periods. They do not account for new or recently shut-down stores.
Total revenue for 2025 was 82.1 billion euros. Q4 2025 gross revenue was estimated at 24.6 billion euros, reflecting a market slowdown in November and December in its core market, France, where tight household incomes negatively impacted LFL sales for non-food items by 3.7 percent.
LFL sales for food items increased by 0.9%. Despite a crunch in revenue, 107 new stores were opened in Q4. Market figures in broader Europe were also affected. Operating regions in Poland and Romania were showing a slowdown in like-for-like sales and pressured ROI,s respectively.
Carrefour deals with a host of problems not uncommon to the supermarket and FMCG industry, which includes razor-thin operating margins, fierce competition from other brands, and a need to digitalize its presence away from brick and mortar physical stores to maximize all possible avenues for distribution of products to the end consumer.
With that said, operating margins for Carrefour have improved steadily but still remain slim, increasing to 2.6% in 2025.
Recurring operating income—which is considered the company’s main measure of ROI—was 2.16 billion euros. EBITDA was 4.5 billion euros. Total adjusted net income was 1.09 billion euros with an EPS of 1.6 euros.
At the time of writing, Carrefour shares were trading at 14.54 euros.