Executive Summary

• Carrefour reported a solid quarter, with group comparable sales up 1.9%, ahead of consensus.
• Growth was driven by Latin America, where comparable sales were up 12.9%. France was weak, with comp growth of 0.1%; management said that its hypermarkets took a hit from protests in France.
• Management reported progress toward the company’s Carrefour 2022 targets on a number of fronts.