Carrefour’s H1 FY23 performance was slightly ahead of the market’s expectations. In Q2, the group’s lfl sales growth of +10.3% was +150bp vs the consensus. All operating segments clocked robust performances – France: +7.3%, Europe (excluding France): +7.4% and Latin America: +17.3%. Recurring operating income (-9.6% yoy) was c.3% ahead of the street’s expectations. Despite the current softness in Brazil, this is a non-structural issue. The management confirmed its financial targets for 2023 and ....
