Executive Summary

• Adjusted for €593 million of exceptional costs, Carrefour reported a 2.7% increase in operating income in 1H19.
• Carrefour reported consensus-beating comparable sales growth in 2Q19. Growth in most regions improved sequentially, though 2Q19 comp growth slowed a little in its core French market.
• The company launched several price campaigns and extended its e-commerce capabilities in 1H19. It also agreed to sell 80% of Carrefour China to Suning.com.