Carrefour's 4Q and FY 2017 Sales Update Broadly in Line; Competition Should Weigh on Profitability
Carrefour reported a broadly in-line fourth-quarter and full-year 2017 sales update, while providing an indication of a sharp drop in key profitability and cash flow metrics relative to 2016. Although we retain our no-moat rating and fair value estimate, we intend to reassess our assumptions shortly.For full-year 2017, total sales growth was up 2.7% at constant currency and up 1.6% like for like, with food sales disturbed by a slowdown in inflation (notably Brazil). According to management, una...
Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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