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Elo/Auchan (ELOFR; NR, BB+ Stable) News flow thin - on public front

CONSUMER STAPLES

Only public information we have is a French newspaper carrying the results that has EBITDA down -37%yoy, same store sales down -3.3% including a -4.4% fall in France. Avg. selling price was +1.8% according to it.


https://www.lavoixdunord.fr/1486708/article/2024-0...


  • ELOFR lines are up to -2.8pts/+100bps
  • Unrated ITM Enterprises new 29s - that runs bottom of the pack margins - is +11bps.
  • Carrefour is insulated - as it should be after giving relatively firm results (particularly on margins) for France last night.

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