Executive Summary

• Carrefour reported a 3.0% year-over-year decline in revenues in 1H18, disappointing analysts, who had been expecting a small increase in sales. However, adjusted operating income came in slightly ahead of the consensus estimate.
• Group comparable sales were up 0.7% in 1H18, with French comps broadly flat year over year.
• For FY18, analysts expect Carrefour’s revenues to fall by 0.3%, to €78.7 billion, and for its EBIT to decline by 7.3%, yielding an EBIT margin of 2.4%.