EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Carrefour (CA FP) France

Consumer Staples

Woozle Research

Woozle remains bearish based on their findings from recent surveys with store managers in France and Brazil - French Carrefour stores report +1% LFL sales growth in 4Q22, missing street estimates of +4.4% Y/Y. The majority of respondents revealed pricing levels higher than discount retailers and expressed worries surrounding customer retention going forward. Several stores reported flat or decreased foot traffic in early signs of reduced demand. Widespread supply issues are affecting inventory levels and SKU availability. Brazilian Carrefour stores report +17% LFL sales growth, also missing expectations.

Edition: 150

- 09 December, 2022