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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Carrefour    CA   FR0000120172

CARREFOUR

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

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07/28/2020 | 12:47pm 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)


Stocks mentioned in the article
ChangeLast1st jan.
ATACADÃO S.A. -2.14% 19.7 End-of-day quote.-15.63%
CARREFOUR -2.50% 13.275 Real-time Quote.-9.06%
CREDIT SUISSE GROUP AG -4.96% 8.66 Delayed Quote.-30.50%
IBOVESPA -0.45% 97483.31 Delayed Quote.-15.70%
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Financials
Sales 2020 70 825 M 82 851 M 82 851 M
Net income 2020 683 M 799 M 799 M
Net Debt 2020 6 782 M 7 933 M 7 933 M
P/E ratio 2020 13,1x
Yield 2020 3,74%
Capitalization 10 987 M 12 917 M 12 853 M
EV / Sales 2020 0,25x
EV / Sales 2021 0,22x
Nbr of Employees 321 383
Free-Float 75,3%
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Technical analysis trends CARREFOUR
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 19
Average target price 17,67 €
Last Close Price 13,60 €
Spread / Highest target 47,1%
Spread / Average Target 30,0%
Spread / Lowest Target -23,2%
EPS Revisions
Managers
NameTitle
Alexandre Bompard Chairman & Chief Executive Officer
Matthieu Malige Chief Financial Officer
Nicolas Bazire Non-Independent Director
Jean-Laurent Bonnafé Director
Charles Edelstenne Independent Director
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