Carrefour’s Q2 and H1 performance was in line with our expectations. In Q2, the group’s lfl sales grew by 7.3%, with positive momentum witnessed in the core operating regions (France: +1.4%, Spain: +4.8% and Brazil: +19.4%). Profitability was flat yoy and the FY22 cost savings target has been increased by €100m. Management will present the new strategic plan on 08 November 2022, which should be a key stock price trigger. We maintain our positive view on the stock’s valuation.
28 Jul 2022
Q2 results: LatAm leads the pack!
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Q2 results: LatAm leads the pack!
- Published:
28 Jul 2022 -
Author:
Nishant Choudhary -
Pages:
3
Carrefour’s Q2 and H1 performance was in line with our expectations. In Q2, the group’s lfl sales grew by 7.3%, with positive momentum witnessed in the core operating regions (France: +1.4%, Spain: +4.8% and Brazil: +19.4%). Profitability was flat yoy and the FY22 cost savings target has been increased by €100m. Management will present the new strategic plan on 08 November 2022, which should be a key stock price trigger. We maintain our positive view on the stock’s valuation.