Carrefour’s Q3 FY23 performance was ahead of the market’s expectations. Lfl sales grew by 9.0% yoy (+150bp vs consensus), with all the business segments remaining strong. Consumers continued to trade down, with volume still contracting in the Q3. Moreover, the integration of Grupo Big is on-track and the 2025 synergy target of BRL 2.0bn was re-confirmed. The group’s FY23 guidance is also achievable, although the market was apprehensive about the weakness in Latin America. Our positive recommenda ....
