Carrefour
Note: This is a daily stock update and the information stands true as of 24/11/25, 09:00 CET.
Company Update:
Expert Opinion:
This is quite important in our expert's opinion. As an integrated group with a lot of employees, Carrefour is facing constraints that its main challengers (Leclerc and Intermarché) do not have. Indeed, they are a collection of independent smaller companies which therefore face fewer social constraints and obligations. This enables them to be more profitable and reinvest that difference in prices hence further gaining market share. The move by Carrefour to structurally increase its franchisees is a way to restore a form of competitiveness, and the recent ruling is therefore excellent news. Yet, uncertainty on the franchising contract remains which is likely to cap Carrefour's performance over the short term.
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Company Update:
The Evry court dismissed the union's claim against the retailer, stating that Carrefour has not violated any rules while executing the lease contracts. Note that the CFDT union approached the court, seeking to halt this practice that has grown since Alexandre Bompard took over as CEO in 2017. As expected, the losing party plans to appeal this verdict.
Another case of Carrefour vs some franchisee partners (largely related to convenience stores) is also pending in the court. An unfavourable decision could encourage other franchise partners to join the opposition voices, raising the risk that Carrefour could negotiate/share the margins with the franchise partners.
Another case of Carrefour vs some franchisee partners (largely related to convenience stores) is also pending in the court. An unfavourable decision could encourage other franchise partners to join the opposition voices, raising the risk that Carrefour could negotiate/share the margins with the franchise partners.
As a reminder, Carrefour has 307 hypermarkets in France, ow 190 are fully owned and operated and 117 are in franchise format (38%). It also owns 1117 supermarkets with 72.4% in franchise (809).
Expert Opinion:
This is quite important in our expert's opinion. As an integrated group with a lot of employees, Carrefour is facing constraints that its main challengers (Leclerc and Intermarché) do not have. Indeed, they are a collection of independent smaller companies which therefore face fewer social constraints and obligations. This enables them to be more profitable and reinvest that difference in prices hence further gaining market share. The move by Carrefour to structurally increase its franchisees is a way to restore a form of competitiveness, and the recent ruling is therefore excellent news. Yet, uncertainty on the franchising contract remains which is likely to cap Carrefour's performance over the short term.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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