Carrefour’s FY22 performance was in-line with our and the market’s expectations. The group’s lfl sales grew 8.5% (vs consensus of 6.7% yoy), with positive momentum in all operating regions (France: +3.4%, Other European Countries: +4.9% and LatAm: +24.6%). While profitability was in line with the street’s expectations, the stock price surged 7% following the stronger-than-expected performance in France (both market share and margin), a new €800m share buyback plan and the on-track integration of ....
