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Carrefour (CAFP; NR/BBB) Re-blast ahead of Auchan

CONSUMER STAPLES

Results from last night here

  • It's not much of a credit mover for us - yet. It's playing down the margin weakness in Europe ex. France - area to watch heading forward - and leaving 2H guidance wide open (by saying FY will see yoy growth).
  • Elo/Auchan 1H results comes 9am London, read-through in France is mixed. Carrefour was pricing aggressively (-10%) but it still lifted its margin - which its tying to its own success. Auchan has lost -0.2ppt market share vs. Carrefour holding flat this year...unclear if that translates to better margin performance for Auchan.
  • Equity takes here

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