Report
Geoffroy Michalet

Carrefour : Un S1 qui soulève beaucoup de questions

>Des marges surprenantes par division, très supérieures en France et très inférieures en Europe, en ligne au global avec les attentes - Carrefour publie ses résultats S1, qui, s’ils ressortent en ligne au global, font ressortir des écarts avec les attentes importantes.France, la bonne surprise : sur fond d’un CA en baisse de 2.0% LFL (dont -3.4% pour les hypers, -1.2% pour les supers et -0.1% pour la proxi), et des pertes de parts de marché sur le semestre, le gr...
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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