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Carrefour (EPA: CA) 3Q18 Trading Update: Stronger Sales Growth in France Fuels Top-Line Beat

Executive Summary

  • A sequentially stronger performance in France helped Carrefour comfortably beat expectations on sales in 3Q18.
  • Comparable sales in France were up 1.6% versus the consensus estimate of 0.8% and compared with (0.1)% in 1H18.
  • Latin America comp sales were up 9.7% versus consensus of 9.3%. Brazil comps were up 5.1%, in line with expectations.

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