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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

07/28/2020 | 11:47am EST

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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ATACADÃO S.A. -0.26% 19.39 End-of-day quote.-16.96%
CARREFOUR -0.30% 13.5 Real-time Quote.-9.70%
CREDIT SUISSE GROUP AG 1.33% 11.815 Delayed Quote.-11.03%
IBOVESPA 1.30% 113750.22 Delayed Quote.-3.26%
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Financials
Sales 2020 71 757 M 86 970 M 86 970 M
Net income 2020 765 M 928 M 928 M
Net Debt 2020 6 766 M 8 200 M 8 200 M
P/E ratio 2020 13,4x
Yield 2020 3,53%
Capitalization 10 910 M 13 241 M 13 223 M
EV / Sales 2020 0,25x
EV / Sales 2021 0,23x
Nbr of Employees 321 383
Free-Float 75,3%
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Technical analysis trends CARREFOUR
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 17,65 €
Last Close Price 13,50 €
Spread / Highest target 48,1%
Spread / Average Target 30,8%
Spread / Lowest Target -22,7%
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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