Carrefour (ENXTPA: CA) 1Q19 Update: A Stronger-than-Expected Quarter as Performance Improves in France

Executive Summary

• Carrefour reported comparable sales growth of 2.7% in 1Q19, strengthening from the prior quarter and beating analyst expectations.
• Strengthening comp growth in France to 1.0%, including 2.0% comp growth in food, supported this outperformance. In France, general merchandise remained a drag on Carrefour’s overall performance.
• Management pointed to “numerous initiatives” to strengthen Carrefour’s competitiveness across markets, with major price-cut campaigns in France.