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    CA   FR0000120172

CARREFOUR

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Carrefour Brasil sees e-commerce pick-up; shares jump after results

07/28/2020 | 11:47am EDT

SAO PAULO, July 28 (Reuters) - Carrefour Brasil SA's sales growth especially in e-commerce has picked up during the coronavirus pandemic, a trend likely to persist as the retailer prepares to launch a new digital platform this year, executives said on Tuesday.

The comments came after the company reported stronger-than-expected quarterly results that boosted its shares.

"With or without COVID-19, we will keep accelerating both food and non-food sales," Chief Executive Noel Prioux told analysts on a call. "Our e-commerce has already neared a breakeven level and the new platform should help us keep a relevant growth pace."

On Monday, the local subsidiary of France's Carrefour SA reported a 75% jump in quarterly net income to 713 million reais ($138.00 million), buoyed by rising sales and cost controls.

Shares of Carrefour Brasil rose 7% to 22.89 reais, marking the best performance among stocks listed in Brazil's benchmark index Ibovespa.

The "most pleasant surprise" of the "very strong" results was a 9% margin on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), Credit Suisse analysts said in a report, citing increased efficiency and aggressive promotions.

"Carrefour Brasil's resilient portfolio should continue benefiting from the relatively strong demand while Covid-19 pandemic is still in place," Credit Suisse wrote.

Online food sales under the flagship Carrefour brand rose 377%, achieving three-year growth in just one quarter, Chief Financial Officer Sébastien Durchon said, noting that brick-and-mortar sales were not cannibalized.

Prioux said Carrefour Brasil expects to roll out a more agile e-commerce platform in the second half of 2020.

The company's wholesale unit Atacadao also launched its own marketplace to corporate customers and will soon expand online sales through the web-based app Cornershop beyond Sao Paulo, Atacadao CEO Roberto Müssnich added. ($1 = 5.1666 reais) (Reporting by Gabriela Mello Editing by Chris Reese and Richard Chang)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ATACADÃO S.A. -1.54% 19.24 End-of-day quote.-0.77%
CARREFOUR -1.14% 16.1 Real-time Quote.16.04%
CREDIT SUISSE GROUP AG -1.98% 9.11 Delayed Quote.-20.09%
IBOVESPA -0.48% 125675.33 Delayed Quote.4.70%
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Financials
Sales 2021 71 576 M 85 054 M 85 054 M
Net income 2021 1 012 M 1 203 M 1 203 M
Net Debt 2021 6 004 M 7 135 M 7 135 M
P/E ratio 2021 12,5x
Yield 2021 3,46%
Capitalization 13 157 M 15 641 M 15 634 M
EV / Sales 2021 0,27x
EV / Sales 2022 0,25x
Nbr of Employees 278 511
Free-Float 75,0%
Chart CARREFOUR
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Carrefour Technical Analysis Chart | CA | FR0000120172 | MarketScreener
Technical analysis trends CARREFOUR
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 19
Last Close Price 16,28 €
Average target price 19,08 €
Spread / Average Target 17,2%
EPS Revisions
Managers and Directors
Alexandre Bompard Chairman & Chief Executive Officer
Matthieu Malige Chief Financial Officer
Miguel ┴ngel Gonzßlez Gisbert Global Chief Technology Officer
Charles Edelstenne Independent Director
Mathilde Lemoine Independent Director
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