Executive Summary

• Carrefour’s core French market proved weak in 3Q19, as comparable sales fell 0.9%, below the consensus estimate and weaker than the prior quarter. Hypermarkets were weak, with comps down 3.6%.
• Latin America drove growth, with a 12.8% uplift in comparable sales, outpacing analyst expectations of 11.8%.
• Management pointed to further progress toward targets under the Carrefour 2022 plan. In France, the company reduced promotions as it shifted to an everyday-low-price (EDLP) positioning.