Reported Earnings • Jul 24
First half 2026 earnings released: EPS: €0.16 (vs €0.56 loss in 1H 2025) First half 2026 results: EPS: €0.16 (up from €0.56 loss in 1H 2025). Revenue: €40.4b (down 5.3% from 1H 2025). Net income: €122.0m (up €493.0m from 1H 2025). Profit margin: 0.3% (up from net loss in 1H 2025). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. Upcoming Dividend • Jul 21
Upcoming dividend of €0.21 per share Eligible shareholders must have bought the stock before 28 July 2026. Payment date: 30 July 2026. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.5%). Upcoming Dividend • May 19
Upcoming dividend of €0.97 per share Eligible shareholders must have bought the stock before 26 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.6%). Duyuru • Apr 19
Turgut Aydin Holdings agreed to acquire 89% stake in CarrefourSA Carrefour Sabanci Ticaret Merkezi A.S. (IBSE:CRFSA) from Carrefour SA (ENXTPA:CA) and Haci Ömer Sabanci Holding A.S. (IBSE:SAHOL). Turgut Aydin Holdings agreed to acquire 89% stake in CarrefourSA Carrefour Sabanci Ticaret Merkezi A.S. (IBSE:CRFSA) from Carrefour SA (ENXTPA:CA) and Haci Ömer Sabanci Holding A.S. (IBSE:SAHOL) on April 17, 2026.
Completion of the transaction remains subject to regulatory approval and approval by the competition authorities and customary conditions. Declared Dividend • Feb 23
Dividend of €1.18 announced Shareholders will receive a dividend of €1.18. Ex-date: 26th May 2026 Payment date: 28th May 2026 Dividend yield will be 7.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: €1.44 (vs €1.08 in FY 2024) Full year 2025 results: EPS: €1.44 (up from €1.08 in FY 2024). Revenue: €84.0b (down 3.5% from FY 2024). Net income: €977.0m (up 35% from FY 2024). Profit margin: 1.2% (up from 0.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Duyuru • Feb 19
Carrefour SA announces Annual dividend, payable on May 28, 2026 Carrefour SA announced Annual dividend of EUR 0.9700 per share payable on May 28, 2026, ex-date on May 26, 2026 and record date on May 27, 2026. Duyuru • Feb 18
Carrefour SA to Report Q2, 2026 Results on Jul 23, 2026 Carrefour SA announced that they will report Q2, 2026 results on Jul 23, 2026 Duyuru • Feb 13
Paval Holding S.R.L. entered into exclusive negotiations to acquire S.C. Carrefour Romania S.A. from Carrefour SA (ENXTPA:CA) for an enterprise value of approximately €820 million. Paval Holding S.R.L. entered into exclusive negotiations to acquire S.C. Carrefour Romania S.A. from Carrefour SA (ENXTPA:CA) for an enterprise value of approximately €820 million on February 12, 2026. As of December 2025 Carrefour Romania reported Net Sales of €2.7 billion and EBITDA of €173 million.
The completion of this operation remains subject to customary regulatory authorizations. It is expected to occur in H2 2026. Duyuru • Dec 02
NewPrinces S.p.A. (BIT:NWL) completed the acquisition of Carrefour Italia S.p.A. from Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. NewPrinces S.p.A. (BIT:NWL) has signed a binding agreement to acquire Carrefour Italia S.p.A. from Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. for an enterprise value of approximately €1 billion on July 24, 2025. As part of the Transaction, Carrefour will reinvest €237.5 million as a one-off contribution to Carrefour Italia to support its industrial relaunch and operational continuity; New Princes is committed to investing, at closing, €200 million in development initiatives, logistics innovation and brand renewal; The total planned investment therefore amounts to €437.5 million , aimed at upgrading and relaunching the network and strengthening competitiveness in the market.
For the period ending December 31, 2024, Carrefour Italia S.p.A. reported total revenue of €3.7 billion and EBITDA of €115 million. The Transaction EV/EBITDA multiple is ca. 8.7x.
The transaction is subject to approval by regulatory board / committee. The closing of the Transaction is expected to take place by the end of the third quarter of 2025.
Bonelli Erede Pappalardo Studio Legale acted as legal advisor for NewPrinces S.p.A. BNP Paribas SA acted as financial advisor for NewPrinces S.p.A.
NewPrinces S.p.A. (BIT:NWL) completed the acquisition of Carrefour Italia S.p.A. from Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. on December 1, 2025. European Commission approved the acquisition. Following the completion, Carrefour Italia S.p.A. has been renamed Princes Retail S.p.A. Duyuru • Nov 13
Carrefour Announces Resignation Of Board Representatives Eduardo Rossi And Flavia Buarque De Almeida Carrefour's Board of Directors, meeting on November 12, 2025, took note of this sale and accepted the resignations of Mr. Eduardo Rossi and Ms. Flavia Buarque de Almeida, both representatives of Peninsula on the Board of Directors. Duyuru • Sep 13
Carrefour SA (ENXTPA:CA) acquired 10% stake in Le Marche De Pontault for €10 million. Carrefour SA (ENXTPA:CA) acquired 10% stake in Le Marche De Pontault for €10 million on April 1, 2025.
Carrefour SA (ENXTPA:CA) completed the acquisition of 10% stake in Le Marche De Pontault on April 1, 2025. Reported Earnings • Jul 29
First half 2025 earnings released: €0.56 loss per share (vs €0.038 profit in 1H 2024) First half 2025 results: €0.56 loss per share (down from €0.038 profit in 1H 2024). Revenue: €42.8b (up 3.3% from 1H 2024). Net loss: €371.0m (down €397.0m from profit in 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Jul 25
NewPrinces S.p.A. (BIT:NWL) has signed a binding agreement to acquire Carrefour Italia S.p.A. from Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. for Enterprise value of approximately €1 billion. NewPrinces S.p.A. (BIT:NWL) has signed a binding agreement to acquire Carrefour Italia S.p.A. from Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. for Enterprise value of approximately €1 billion on July 24, 2025. As part of the Transaction, Carrefour will reinvest €237.5 million as a one-off contribution to Carrefour Italia to support its industrial relaunch and operational continuity; New Princes is committed to investing, at closing, €200 million in development initiatives, logistics innovation and brand renewal; The total planned investment therefore amounts to €437.5 million , aimed at upgrading and relaunching the network and strengthening competitiveness in the market.
For the period ending December 31, 2024, Carrefour Italia S.p.A. reported total revenue of €3.7 billion and EBITDA of €115 million. The Transaction EV/EBITDA multiple is ca. 8.7x.
The transaction is subject to approval by regulatory board / committee. The closing of the Transaction is expected to take place by the end of the third quarter of 2025.
Bonelli Erede Pappalardo Studio Legale acted as legal advisor for NewPrinces S.p.A. BNP Paribas SA acted as financial advisor for NewPrinces S.p.A. Duyuru • Jul 21
Carrefour Said to Tap Rothschild for Potential Italy Unit Sale Carrefour SA (ENXTPA:CA) is working with Rothschild & Co. on a potential sale of its Italian operations, people familiar with the matter said, as the French grocery group seeks to deliver on a strategic review of assets. The French company and its adviser have started gauging interest from potential suitors in Italy, said the people, who asked not to be identified as the information is private. The Italian business is likely to be sold in several deals given its size, the people said. Deliberations are ongoing and there’s no guarantee a transaction would happen, the people said. Carrefour has just begun an in-depth strategic review of its business portfolio that covers all businesses and organizational models, in response to changing market conditions, its representatives said in a statement, declining to comment on the specifics. Representatives for Rothschild weren’t immediately available for comment. Local newspaper Corriere della Sera reported earlier on Rothschild’s involvement. Duyuru • Jun 11
Carrefour Sa Announces A Special Dividend Carrefour SA announced a special dividend of EUR 0.23 per share. The effective date of this Corporate Action was 30th May 2025. Upcoming Dividend • May 23
Upcoming dividend of €1.15 per share Eligible shareholders must have bought the stock before 30 May 2025. Payment date: 03 June 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 6.3%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (3.5%). Declared Dividend • Apr 07
Dividend increased to €1.15 Dividend of €1.15 is 32% higher than last year. Ex-date: 30th May 2025 Payment date: 3rd June 2025 Dividend yield will be 8.9%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 04
Carrefour SA (ENXTPA:CA) acquired Magne Distribution. Carrefour SA (ENXTPA:CA) acquired Magne Distribution on April 1, 2025.
Carrefour SA (ENXTPA:CA) completed the acquisition of Magne Distribution on April 1, 2025. Reported Earnings • Apr 03
Full year 2024 earnings released: EPS: €1.08 (vs €1.30 in FY 2023) Full year 2024 results: EPS: €1.08 (down from €1.30 in FY 2023). Revenue: €87.1b (up 2.8% from FY 2023). Net income: €723.0m (down 22% from FY 2023). Profit margin: 0.8% (down from 1.1% in FY 2023). Like-for-like sales growth: 9.9% vs FY 2023 Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Duyuru • Apr 03
Carrefour SA announces Annual dividend, payable on June 03, 2025 Carrefour SA announced Annual dividend of EUR 1.1500 per share payable on June 03, 2025, ex-date on May 30, 2025 and record date on June 02, 2025. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: €1.08 (vs €1.30 in FY 2023) Full year 2024 results: EPS: €1.08 (down from €1.30 in FY 2023). Revenue: €87.3b (up 3.0% from FY 2023). Net income: €723.0m (down 22% from FY 2023). Profit margin: 0.8% (down from 1.1% in FY 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Duyuru • Feb 12
Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. proposed to acquire remaining 32.6% stake in Atacadão S.A. (BOVESPA:CRFB3) for BRL 5.2 billion. Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V. proposed to acquire remaining 32.6% stake in Atacadão S.A. (BOVESPA:CRFB3) for BRL 5.2 billion on February 11, 2025. As part of the consideration, shareholders of will have the option to receive compensation in the form of shares, cash, or a combination of both. Under the proposal sent by the Controlling Shareholder, as a result of the Merger of Shares, each one (1) common share issued by the Company would be replaced by one (1) Class A, Class B or Class C Redeemable Share issued by Carrefour SA (ENXTPA:CA) and Carrefour Netherlands B.V and the choice of the class of Redeemable Shares to be received would be at the discretion of each shareholder, during an option period following approval of the Potential Transaction. The exchange ratio proposed by the Controlling Shareholder for purposes of redemption of the Redeemable Shares (a) each 1 (one) Class A Redeemable Share ("Class A Share"), will be redeemed upon payment in cash to its holder of BRL 7.7 per share, (b) each one (1) Class B Redeemable Share ("Class B Share"), shall be redeemed upon (i) the delivery of, at the sole discretion of its holder, (a) 0.04545454545454551 common share issued by CSA, admitted to trading on the Paris Stock Exchange ("CSA Shares" and "Euronext Paris", respectively); or (b) 0.04545454545454551 BDR2 issued in the context of the transaction by means of a sponsored Level 1 BDR program; and (ii) the payment in cash, to its holder, of BRL 3.85 per share and (c) each one (1) Class C Redeemable Share ("Class C Share"), shall be redeemed upon delivery of, at the sole discretion of its holder, (a) 0.09090909090909093 CSA Share; or (b) 0.09090909090909093 BDR.
In the event of a satisfactory conclusion of said negotiations, a merger agreement reflecting the terms and conditions of the transaction would be signed and a shareholders´ meeting would be convened to resolve on the Potential Transaction. Upon completion, Atacadão S.A. shares will be delisted from the Novo Mercado. The Board of Directors of Atacadão S.A. formed a special committee for the transaction. The cash consideration represents a premium of 32% over the 1-month Volume Weighted Average Price at February 10, 2025. The transaction is expected to be accretive to Carrefour Group's EPS from the first year. Its completion remains subject, in particular, to the approval of Carrefour Brazil's minority shareholders holding the free oat, during an Extraordinary General Meeting of Carrefour Brazil’s shareholders, to be held in the second quarter of 2025. If approved, the transaction is expected to be finalized before the end of the second quarter of 2025. Reported Earnings • Jul 26
First half 2024 earnings released: EPS: €0.038 (vs €0.16 in 1H 2023) First half 2024 results: EPS: €0.038 (down from €0.16 in 1H 2023). Revenue: €41.5b (flat on 1H 2023). Net income: €26.0m (down 78% from 1H 2023). Profit margin: 0.1% (down from 0.3% in 1H 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 21
Upcoming dividend of €0.87 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 30 May 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (4.1%). Declared Dividend • Feb 26
Dividend increased to €0.87 Dividend of €0.87 is 55% higher than last year. Ex-date: 28th May 2024 Payment date: 30th May 2024 Dividend yield will be 5.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: €1.30 (vs €1.85 in FY 2022) Full year 2023 results: EPS: €1.30 (down from €1.85 in FY 2022). Revenue: €85.9b (up 3.6% from FY 2022). Net income: €930.0m (down 32% from FY 2022). Profit margin: 1.1% (down from 1.7% in FY 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 22
Carrefour SA to Report Q2, 2024 Results on Jul 24, 2024 Carrefour SA announced that they will report Q2, 2024 results on Jul 24, 2024 Duyuru • Feb 21
Carrefour SA, Annual General Meeting, May 24, 2024 Carrefour SA, Annual General Meeting, May 24, 2024. Duyuru • Feb 09
Carrefour SA to Report Fiscal Year 2023 Results on Feb 20, 2024 Carrefour SA announced that they will report fiscal year 2023 results After-Market on Feb 20, 2024 Duyuru • Dec 01
Casino Confirms Receival of "Several" Bids for Hypermarkets Casino, Guichard-Perrachon S.A. (ENXTPA:CO) on November 30, 2023 confirmed it has received 'preliminary indicative offers from several purchasers' for an unspecified number of its hypermarket and supermarkets it had put up for sale to raise cash. "The group will not give any details on content of offers currently being examined", Casino added in a statement. France's BFM TV earlier reported Auchan (ELO S.A.) and Intermarche (Intermarché SAS) were among the bidders. Potential other candidates also include Carrefour SA (ENXTPA:CA) and German discount group Lidl (Lidl Stiftung & Co. KG). Duyuru • Nov 01
Carrefour SA (ENXTPA:CA) acquired Cora hypermarkets and stores in Romania from Louis Delhaize SA. Carrefour SA (ENXTPA:CA) entered into an agreement to acquire Cora hypermarkets and stores in Romania from Louis Delhaize SA on April 27, 2023. The acquisition of its activities in Romania, including 10 Cora hypermarkets and 8 Cora Urban stores, and nearly 2,400 employees. The transaction is now subjected to the approval of the relevant competition authorities and is expected to be closed by the year's end. As of October 27, 2023, Carrefour Romania has obtained approval from the Competition Council for the acquisition of Cora hypermarkets, with the transaction expected to be completed in the coming weeks. Carrefour SA (ENXTPA:CA) acquired Cora hypermarkets and stores in Romania from Louis Delhaize SA on October 31, 2023. Buying Opportunity • Oct 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be €20.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 6.5% per annum over the same time period. Buying Opportunity • Sep 22
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €20.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 7.5% per annum over the same time period. Duyuru • Sep 21
Carrefour SA (ENXTPA:CA) agreed to acquire 47 SuperCor supermarket from El Corte Inglés, S.A. for €60 million. Carrefour SA (ENXTPA:CA) agreed to acquire 47 SuperCor supermarket from El Corte Inglés, S.A. for €60 million on September 20, 2023. The transaction is subject to customary conditions and is expected to close before the end of the first half of 2024. Buying Opportunity • Aug 23
Now 21% undervalued Over the last 90 days, the stock is up 3.0%. The fair value is estimated to be €22.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings is also forecast to grow by 7.8% per annum over the same time period. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €0.16 (vs €0.32 in 1H 2022) First half 2023 results: EPS: €0.16 (down from €0.32 in 1H 2022). Revenue: €41.5b (up 7.8% from 1H 2022). Net income: €119.0m (down 50% from 1H 2022). Profit margin: 0.3% (down from 0.6% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 14
Carrefour SA (ENXTPA:CA) entered into an agreement to acquire Cora and Match assets in France from Louis Delhaize SA for €1 billion. Carrefour SA (ENXTPA:CA) entered into an agreement to acquire Cora and Match assets in France from Louis Delhaize SA for €1 billion on July 12, 2023. The acquisition will be made 100% in cash, based on an enterprise value of €1.05 billion. The Cora and Match banners operate 60 hypermarkets and 115 supermarkets respectively and employ c.24,000 people in France.
Cora and Match generated net sales of €5.2 billion in 2022 and EBITDA of €189 million. The transaction remains subject notably to the approval of the French competition authority as well as to the usual conditions. The transaction is expected to close in the summer of 2024. The transaction will be accretive in terms of adjusted EPS from year one. The integration of the Cora and Match stores offers significant potential for synergies, estimated at €110 million in EBITDA on an annual basis 3 years after the effective completion of the transaction. Upcoming Dividend • May 30
Upcoming dividend of €0.56 per share at 3.0% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.5%). Buying Opportunity • May 04
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €22.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 52%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings is also forecast to grow by 4.1% per annum over the same time period. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: €1.85 (vs €1.31 in FY 2021) Full year 2022 results: EPS: €1.85 (up from €1.31 in FY 2021). Revenue: €82.9b (up 12% from FY 2021). Net income: €1.37b (up 33% from FY 2021). Profit margin: 1.7% (up from 1.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 15
Carrefour SA (ENXTPA:CA) announces an Equity Buyback for €800 million worth of its shares. Carrefour SA (ENXTPA:CA) announces a share repurchase program. Under the program, the company will repurchase up to €800 million worth of its shares. Duyuru • Feb 08
Carrefour SA to Report Fiscal Year 2022 Results on Feb 14, 2023 Carrefour SA announced that they will report fiscal year 2022 results at 5:45 PM, Central European Standard Time on Feb 14, 2023 Reported Earnings • Jul 28
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €275.0m from profit in 1H 2021). Profit margin: (down from 0.8% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 4.6%, compared to a 7.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 31
Upcoming dividend of €0.52 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 09 June 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (4.4%). Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.31 (up from €0.82 in FY 2020). Revenue: €74.1b (up 3.0% from FY 2020). Net income: €1.03b (up 55% from FY 2020). Profit margin: 1.4% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 1.8%, compared to a 8.4% growth forecast for the retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to €18.35, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Consumer Retailing industry in Europe. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.35 per share. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Director Alexandre Arnault has left the company On the 7th of September, Alexandre Arnault's tenure as Director ended after 2.4 years in the role. As of June 2021, Alexandre still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Director Alexandre Arnault has left the company On the 7th of September, Alexandre Arnault's tenure as Director ended after 2.4 years in the role. As of June 2021, Alexandre still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Director Alexandre Arnault has left the company On the 7th of September, Alexandre Arnault's tenure as Director ended after 2.4 years in the role. As of June 2021, Alexandre still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Director Alexandre Arnault has left the company On the 7th of September, Alexandre Arnault's tenure as Director ended after 2.4 years in the role. As of June 2021, Alexandre still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Director Alexandre Arnault has left the company On the 7th of September, Alexandre Arnault's tenure as Director ended after 2.4 years in the role. As of June 2021, Alexandre still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Sep 08
Non-Independent Director Nicolas Bazire has left the company On the 7th of September, Nicolas Bazire's tenure as Non-Independent Director ended after 13.1 years in the role. As of June 2021, Nicolas still personally held only 1.00k shares (€17k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Reported Earnings • Jul 30
First half 2021 earnings released: EPS €0.34 (vs €0.03 loss in 1H 2020) The company reported a solid first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: €35.1b (flat on 1H 2020). Net income: €275.0m (up €299.0m from 1H 2020). Profit margin: 0.8% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • May 20
Upcoming dividend of €0.48 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 28 May 2021. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.1%). Is New 90 Day High Low • Jan 05
New 90-day high: €15.04 The company is up 12% from its price of €13.44 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €42.65 per share. Is New 90 Day High Low • Oct 31
New 90-day low: €13.07 The company is down 3.0% from its price of €13.47 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Retailing industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €40.77 per share. 
