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Carrefour (ENXTPA: CA) FY18 Results: Earnings and Revenues Beat Estimates; 2022 Transformation Plan on Track

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.

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