Carrefour : H1 2020 results: 9% better than our expectations thanks to Brazil and Spain; France falls short, but “retail†showing progress
>Q2 2020 sales: 1.2% better than expected at 6.3% l-f-l - Sales of € 18.7bn incl. VAT in Q2 2020, -6.3% reported but +6.6% on organic basis vs 5.1%e. The consolidated l-f-l figures came in at +6.3% (vs 4.9%e), with France falling slightly short of expectations (l-f-l +0.7% vs +1.4%) but hypermarkets in line with the consensus at -3.6% l-f-l. Three countries stood out with exceptional performances during the COVID-19 crisis: Spain (+9.8% l-f-l vs +6%e) despite the weig...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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