Carrefour (ENXTPA: CA) FY16 Results: LatAm and S. Europe Lift Sales, While France and China Weaken

Executive Summary

• Carrefour reported FY16 net sales of €76.6 billion, down slightly by 0.4% year over year (up 2.7% at constant currency) and slightly above the consensus estimate of €76.5 billion.
• Adjusted EPS fell by 9.7% to €1.39, missing the consensus estimate of €1.49.
• For FY17, Carrefour aims to grow sales by 3%–5%, incur capex of €2.4 billion (excluding Cargo, its logistics property company) and increase free cash flow.