Report
Geoffroy Michalet

Carrefour : Poursuite du ralentissement de l’inflation alimentaire en Europe – Pincement de la marge pénalisé par un effet FX spécifique en Argentine

>T4 2023 : 10%e en LFL vs 9.0% au T3. ROI à 2 300 M€, marge de 2.7% soit -20 pb - Carrefour publiera son CA T4 le mardi 20 février après bourse. Nous attendons qu’il se situe dans le prolongement des tendances constatées au T3 sur la dynamique de topline au regard de la poursuite du ralentissement de l’inflation alimentaire en Europe et d’une pression persistante sur les volumes (marginalement négatif sur l’alimentaire et plus fort encore sur le non alimentaire, « hig...
Underlying
Carrefour SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Geoffroy Michalet

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