Carrefour Share Buyback and Dividend Increase
Carrefour has revealed its plans to launch a new share buyback program and raise its dividend for 2023. This decision, subject to market conditions, demonstrates the French grocer's confidence in its performance and outlook.
Share Buyback Program Details
The new share buyback program is set to take place in 2024, with a total amount of 700 million euros ($754.6 million) allocated. Carrefour's management believes that this initiative reflects the company's strong operating performance and free cash flow generation.
Increased Dividend
Carrefour also announced an increase in its ordinary dividend for 2023 to EUR0.87 per share, up from EUR0.56 the previous year. The company has confirmed its commitment to achieve at least 5% growth in dividend each year from this new baseline.
Financial Performance
In 2023, Carrefour reported net sales of EUR83.27 billion, marking a 12% increase at constant exchange rates compared to the previous year. However, recurring operating income experienced a slight decline to EUR2.26 billion from EUR2.38 billion, while operating income was EUR1.75 billion, down from EUR2.46 billion in 2022.
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