Carrefour upheld its end-of-year profit and cashflow targets on Wednesday.
Europe's largest retailer said it was confident about the second half since French and Brazilian markets drove profits in the first six months of 2024.
Group recurring operating income grew by 6.2% to €743 million in the first half of the year due to sales that reached €44.863 billion.
The retailer said this signified a like-for-like growth rate of 12.1%.
In its core French market, Carrefour has been accelerating price cuts to win back market share from rivals such as unlisted Leclerc.
The group said this enabled it to protect and improve profitability thanks to cost saving measures.
In France, operating profit rose 6.2% to €286 million.
The margin increased by 14 basis points to 1.6% of sales in a market where volumes remained slightly negative, the group said.
In Brazil – the group’s second-largest market – operating profit rose 45.7% to €366 million.
This was driven by the commercial momentum of the Atacado cash and carry stores and efficiencies from the integration of the Grupo BIG stores.
Carrefour confirmed its 2024 financial objectives for growth in Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) and Recurring Operating Income (ROI) and net free cash flow in line with its 2026 plan trajectory.
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