Carrefour reported Q3 FY17 results slightly below our estimates but in line with market consensus. The lfl sales growth slowed down to 0.5% (vs Q2: +2.8%, Q1: +1.4%), impacted by food deflation in the major operating markets and a delayed anniversary campaign in France (most important promotional event for French hypermarkets). The domestic market witnessed a 0.9% lfl decline (vs Q2: +1.9%, Q1: +0.5%; contributes c.45% to the group revenue) as both hypermarkets and supermarkets plunged into t
20 Nov 2017
Softer Q3 performance; hopes pinned on the new CEO
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Softer Q3 performance; hopes pinned on the new CEO
Carrefour SA (CARR:WBO) | 0 0 1.4% | Mkt Cap: 15,102m
- Published:
20 Nov 2017 -
Author:
Nishant Choudhary -
Pages:
3
Carrefour reported Q3 FY17 results slightly below our estimates but in line with market consensus. The lfl sales growth slowed down to 0.5% (vs Q2: +2.8%, Q1: +1.4%), impacted by food deflation in the major operating markets and a delayed anniversary campaign in France (most important promotional event for French hypermarkets). The domestic market witnessed a 0.9% lfl decline (vs Q2: +1.9%, Q1: +0.5%; contributes c.45% to the group revenue) as both hypermarkets and supermarkets plunged into t