Carrefour (ENXTPA: CA) 1Q17 Update: In-Line Top Line but Meaningful Weakening Across Regions

Executive Summary

• Carrefour reported comparable group sales rose 1.4% in 1Q17, marking a significant sequential weakening from 2.9% comparable sales growth in 4Q16.
• French comps came in at 0.5%, weaker than in the prior quarter, with supermarket and hypermarket formats seeing softer growth.
• International comps were up 2.1% in 1Q17, with Latin American sales growing at a more modest pace than in the final quarter of 2016.