Casino’s Q1 sales witnessed a strong momentum in LatAm (led by Brazil) but French same store sales were softer vs our expectations. This was largely due to tougher comps, the adverse impact of the yellow vest movement in January and February. Although the exit rate was better in the last month, it would be crucial parameter for market sentiment going forward. We believe management will be able to achieve profit guidance and optimism might seep in starting with the H1 results. No change
