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More convincing on its home turf
19 Oct 16
Q3 16 sales including VAT came in at €21,781m, leading the total sales from the beginning of the year to €62.33bn. Q3 revenues progressed by 3.2% on a lfl basis driven by accelerated growth on its home turf (1.2%) and resilient business in Brazil (12.4%). In France, the supermarkets and convenience stores are the main growth drivers. In China, struggling operations witnessed a continuous fall in sales of 7.8% on a lfl basis. Carrefour faces also a difficult time in Poland where sales were slightly down.
Reassuring H1 figures
15 Sep 16
H1 sales came in at £8,032m, a slight decrease compared to 2015/16. The operating profit improved by 30.2% yoy, following a more rigorous cost savings plan (administrative expenses were halved). Net profit stood at £110m, i.e. a net margin of 1.37%, almost stable compared to H1 15/16. Morrisons succeeded in improving its FCF (£556m vs. £468m in H1 15) and reduced its net debt (by £477m) following the enhancement in margin, an improvement in working capital control and opting for a light-capital strategy.
Worries about new tax dampened
21 Sep 16
Yesterday, the European Commission announced through a press release that it has opened an in-depth investigation into Poland’s tax on the retail sector. The European Commission has also issued an injunction, requiring Poland to suspend the application of the tax until the Commission has concluded its assessment. It is worth noting that Poland adopted, in July 2016, a new tax to be applied to retail companies operating in Poland. The tax entered into force on 1 September 2016, and no payments are due yet.
Lower than expected margin
24 Oct 16
Jeronimo Martins released strong Q3 sales growth leading to a 5.5% rise over the last nine months. Total sales reached €10,738m and EBITDA stood at €626,9m, i.e. an EBITDA margin at 5.8%, flat compared to 2015. The 9M net result came in at €501.6m, including gains from the Monterroio disposal for €224m. Adjusted net profit amounted to €266m, 5.6% yoy, boosted by a lower cost of debt. Biedronka remains the main driver for both the group’s top-line and profitability which offset a slight decrease in the Polish business margin (10bp). The underperformance of Ara and Hebe is more pronounced this year due to Ara’s network expansion (expected to be above 2015’s level). Despite the substantial capex, JM continues to enjoy a solid balance sheet with a lower debt burden (reaching €326m vs. €658m in 2015).
On the right track
05 Oct 16
THe Q2 figures witnessed a third consecutive lfl positive growth leading to a H1 16 sales improvement of 1.0% on a lfl basis. H1 sales stood at £24.4bn (£27,338m including fuel) following a promising Q2 (0.9% in the UK and 2.1% for international markets). Tesco’s sales have benefited from the increase in both volume and transactions in all markets. All formats – including the largest and the Extra formats – saw an improving trend in lfl sales performance throughout the half. H1 operating profit came in at £596m, i.e. a 2.2% operating margin and management expects £1.2bn for the whole year. This positive trend in the margin will continue according to management and reach 3.5-4.0% by 2019/20. Net debt decreased to £4,352m but total indebtedness surged by £3,400m with a ballooning pension deficit due to low UK bond yields, in the aftermath of Brexit.