Carrefour : The transformation plan, launched in H1 2018, needs to be stepped up in H2, even to the detriment of margins
>H1 2018 results: weaker in France and better internationally - Adjusted EBIT came to € 597m in H1 2018, down 14% on a reported basis and -5.4% organically compared with a pro forma 2017 comparison base of € 695m. The group recorded the 273 former Dia stores as “discontinued activities†(to be sold or closed), which neither we nor the consensus had expected. Our H1 2018 forecasts included all former Dia stores in France, implying an estimated loss of -€ 90m vs. -€ 74m...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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