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Carrefour (ENXTPA: CA) 3Q19 Update: Latin America Strength Offsets Weakness in France

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.

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