Carrefour's Guidance Is Better Than Expected -- Market Talk

Dow Jones02-21

0832 GMT - Carrefour's 2023 results were better than expected despite slowing sales in the fourth quarter, and its 2024 guidance suggests consensus estimates have room to be upgraded, Jefferies analysts say in a research note. Executives of the French grocer said during an earnings call that EBIT should rise in 2024, which implies consensus estimates on EPS growth will likely have to move up, Jefferies says. There have been concerns about market-share losses in France, but Carrefour seems set to address these in a rational manner through investments in 2024, Jefferies says. The results also featured high shareholder returns via a share buyback of EUR700 million and an increased dividend, which when combined amount to around 12% of Carrefour's market capitalization, Jefferies estimates. Shares rise 3.1%. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

February 21, 2024 03:32 ET (08:32 GMT)

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