Carrefour’s Q4 performance was slightly ahead of ours and market estimates. Strong lfl growth across the key operating geographies and aggressive cost savings resulted in a 16.4% improvement in the recurring operating income (at constant exchange rates). Management’s performance turnaround plan remains on track. An additional cost saving plan should help the retailer to achieve the FCF targets in the forecast years. We maintain the positive stance on the stock recommendation.
19 Feb 2021
Solid closure to FY20; management walks the talk
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Solid closure to FY20; management walks the talk
- Published:
19 Feb 2021 -
Author:
Nishant Choudhary -
Pages:
4
Carrefour’s Q4 performance was slightly ahead of ours and market estimates. Strong lfl growth across the key operating geographies and aggressive cost savings resulted in a 16.4% improvement in the recurring operating income (at constant exchange rates). Management’s performance turnaround plan remains on track. An additional cost saving plan should help the retailer to achieve the FCF targets in the forecast years. We maintain the positive stance on the stock recommendation.