Carrefour : A positive surprise in France and Brazil proved resilient. A good release. Target price adjusted to € 20.0 vs € 19.0
>A good level of H1 results - Yesterday evening, Carrefour published its interim sales figures. Sales on a reported basis were up 8.2% on a reported basis, of which 11.2% l-f-l, to € 45.4bn. On a l-f-l basis, Q2 sales were up 10.3%, representing a sequential decline, albeit less marked than expected (8.5% est.), after 12.3% in Q1 due to the slowdown in inflation and a negative volume effect. Technical effects came to -0.5%, -3.4% and -5.4% for the calendar, fuel and f...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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