Executive Summary

• Carrefour reported FY18 total sales of €77.9 billion, down 3.1% year over year, but up 3.3% at constant exchange rates, and above the consensus estimate of €76.6 billion by StreetAccount.
• The company reported adjusted net income of €802 million, down 11.2% year over year, but ahead of the StreetAccount consensus of €747.8 million.
• Carrefour raised its targets for cost reduction from €2.0 billion to €2.8 billion on an annual basis by 2020.