Carrefour announced disappointing H1 sales, decreasing by 3.8% at the current rate of exchange with a second negative consecutive quarter (-4.1% yoy in sales in Q2 including VAT). H1 recurring EBIT amounted to €596m, i.e. an operating margin of about 1.6% vs. 1.9% a year before due to higher restructuring costs in several countries. The net result came in at €195m, well below the H1 15 level. Carrefour’s share price plunged 4.03% in the morning.