Following Carrefour’s Q3 FY23 results last week, its Brazilian business has released detailed results in line with our expectations. The adjusted EBITDA margin declined by 67bps yoy to 5.7%, with the weakness in the retail segment (1.7% margin; -212bp yoy) partially offset by the cash & carry format (6.7% margin; +4bp yoy). Although the C&C performance was weaker vs close competitor Assai, we expect margins to improve gradually. The Grupo Big integration is also likely to remain on-track. Our po ....
