Carrefour: H1 2012 sales (inc. VAT) up 0.9% to €43.7 bn
Carrefour: H1 2012 sales (inc. VAT) up 0.9% to €43.7 bn
Q2 2012 sales (inc. VAT) down 0.3% at €21.7 bn
Sustained growth in emerging markets, stabilization of sales trends in France
and Europe
Business Wire
BOULOGNE-BILLANCOURT, France -- July 12, 2012
Regulatory News:
Carrefour (Paris:CA):
* H1 2012 sales: €43.7 bn, +0.9%, driven by growth in emerging markets,
notably in Latin America, where sales rose 5.3% (+8.3% at constant
exchange rates)
* Q2 2012 sales: €21.7 bn, broadly stable at -0.3%, supported by sustained
growth in emerging markets. Sales trends stabilized in France and Europe.
* France: Sales down 2.1%, supported by improving food sales but
impacted by a fall in non-food sales, notably for seasonal goods.
Sales trends at hypermarkets and supermarkets are in line with the
expected effects of the action plan. Significant improvement of sales
in convenience. Acceleration of Drive roll-out with 125 outlets at
end-June.
* Europe (ex. France): Sales down 3.5% (-2.4% at constant exchange
rates), impacted by a depressed consumption environment in Southern
Europe. Growth in sales in Belgium.
* Latin America: Sales up 2.7% (+7.4% at constant exchange rates). In
Brazil, Atacadao continued its growth.
* Asia: Sales up 14% (+1.8% at constant exchange rates), an improvement
over the previous quarter. Sales growth in China, driven by
expansion.
First Half 2012 sales inc. VAT^1
Change at constant Change at constant
€m Change exch. rates inc. exch. rates ex.
petrol petrol
LFL Total LFL Total
France 19,010 -0.7% +0.3% -0.7% -1.8% -2.1%
Europe (excl. 11,422 -2.6% -2.6% -1.5% -3.1% -1.9%
France)
Latin America 8,700 +5.3% +6.8% +8.3% +7.8% +9.4%
Asia 4,552 +9.4% -3.4% +0.6% -3.4% +0.6%
Group 43,684 +0.9% +0.4% +0.9% -0.5% +0.5%
Second quarter 2012 sales inc. VAT^1
Change at constant Change at constant
€m Change exch. rates inc. exch. rates ex.
petrol petrol
LFL Total LFL Total
France 9,656 -2.1% -1.2% -2.1% -3.3% -3.6%
Europe (excl. 5,764 -3.5% -3.3% -2.4% -3.7% -2.7%
France)
Latin America 4,279 +2.7% +5.7% +7.4% +6.9% +8.8%
Asia 2,016 +14.0% -2.3% +1.8% -2.3% +1.8%
Group 21,715 -0.3% -0.5% -0.1% -1.3% -0.4%
FRANCE
Second quarter 2012 sales inc. VAT
€m Change LFL Change ex. petrol
LFL Total
Hypermarkets 5,228 -4.4% -3.5% -5.7% -6.2%
Supermarkets 3,325 -0.8% +0.8% -1.4% -1.8%
Other formats 1,102 +5.7% +4.9% +3.4% +4.3%
France 9,656 -2.1% -1.2% -3.3% -3.6%
The first half was marked by three changes in scope:
* End of the franchise agreement with Coop Atlantique effective January 1,
2012
* End of the franchise agreement with Altis effective April 6, 2012
* Integration of Guyenne & Gascogne on June 1, 2012, after the success of
the cash tender offer, with a secondary option in shares, followed by a
compulsory buyout offer
The calendar effect in France is estimated at -0.6% in the second quarter.
Sales in France fell by 2.1%. The petrol effect is +1.5%, boosted by the
success of the "Low Price Guarantee" on petrol launched in May in
hypermarkets.
LFL sales at Hypermarkets recorded a drop of 3.5% (-5.7% excluding petrol).
Food sales trends improved for the second consecutive quarter. Non-food sales
declined, impacted by unfavorable weather conditions that affected apparel and
seasonal goods (gardening, camping…).
LFL sales at Supermarkets were up 0.8% (-1.4% excluding petrol), with improved
food sales. Franchise store activity is up in spite of a high comparable level
in the previous year.
The roll-out of Drive accelerated, with the number of outlets rising to 125 at
the end of Q2: 67 Drives were opened during the quarter, including 19 in
hypermarkets and 48 in supermarkets.
Other formats (especially convenience and cash & carry) recorded sales growth
of 4.9%. Excluding petrol, sales grew 3.4% driven by renovated stores. At
end-June, the convenience format included 413 City, 348 Contact, 143 Express
and 15 Montagne.
EUROPE (excluding France)
Second quarter 2012 sales inc. VAT^1
Change at constant Change at constant
€m Change exch. rates inc. exch. rates ex.
petrol petrol
LFL Total LFL Total
Spain 2,142 -5.3% -5.9% -5.3% -7.4% -6.8%
Italy 1,456 -5.5% -4.5% -5.5% -4.3% -5.4%
Belgium 1,060 +1.2% +0.8% +1.2% +0.8% +1.2%
Other countries 1,106 -1.6% -0.3% +4.3% +0.0% +4.7%
Europe (excl. 5,764 -3.5% -3.3% -2.4% -3.7% -2.7%
France)
On June 15, 2012, Carrefour announced the sale to Marinopoulos of its stake in
the Carrefour Marinoupolos joint venture, leading to the Group’s operations in
Greece being reclassified as discontinued operations. To facilitate
comparison, the Q2 2011 figures have been restated pro-forma ex. Greece.
The calendar effect in Europe (excluding France) is estimated at -0.8% in the
second quarter. Currencies had a negative impact of 1.1%, mainly explained by
the depreciation of currencies in Poland and Romania.
Sales in Europe (excluding France) fell by 3.5%, an improvement in trends over
the previous quarter. All countries posted a satisfactory performance given
the increased pressure on consumption and discretionary spending, particularly
in Southern Europe.
This consumption environment is particularly true of Spain, but the downward
trend of sales slowed in Q2 vs. Q1 2012.
In Italy, LFL sales excluding petrol were down 4.3%, with non-food sales in
hypermarkets recovering.
Belgium recorded 0.8% growth in LFL sales, building on the +7.1% growth
recorded in Q2 2011. All formats contributed to this performance.
Combined sales in Poland, Turkey and Romania excluding petrol rose 4.7% at
constant exchange rates and were flat on a LFL basis.
LATIN AMERICA
Second quarter 2012 sales inc. VAT
Change at constant Change at constant
€m Change exch. rates inc. petrol exch. rates ex.
petrol
LFL Total LFL Total
Brazil 2,979 -3.0% +4.9% +5.9% +6.2% +7.4%
Other 1,301 +18.4% +7.8% +11.5% +8.7% +12.5%
countries
Latin America 4,279 +2.7% +5.7% +7.4% +6.9% +8.8%
The calendar effect in Latin America is not significant in the second quarter.
Currencies had a negative impact of -4.7%, mainly explained by the
depreciation of the Brazilian Real, while the Peso in Argentina and Colombia
appreciated.
Sales in Latin America rose 2.7%. Excluding the impact of foreign exchange,
sales rose by 7.4%, in line with the previous quarter, driven by LFL sales
growth and expansion.
In Brazil, sales excluding petrol and at constant exchange rates rose by 7.4%,
of which +6.2% LFL. Atacadao continued its growth in Q2 in spite of an already
strong Q2 2011. Hypermarket LFL sales also grew.
Supported by Argentina, sales of other countries grew by 12.5%, of which +8.7%
LFL (excluding petrol and at constant exchange rates).
ASIA
Second quarter 2012 sales inc. VAT
Change at constant Change at constant
€m Change exch. rates exch. rates
LFL
China 1,247 +17.7% +2.1% -3.6%
Other countries 769 +8.5% +1.3% -0.4%
Asia 2,016 +14.0% +1.8% -2.3%
The calendar effect in Asia is estimated at +0.4% in the second quarter. The
15.7% appreciation of the Chinese currency contributed to a positive foreign
exchange effect of 12.3% in Asia.
Sales in Asia grew by 14%. Excluding currency effects, sales rose by 1.8%.
Sales in China grew by 2.1%, driven by a recovery in non-food and sustained
expansion (-3.6% LFL).
LFL sales of Other countries were broadly stable. Sales in Taiwan and
Indonesia continued to grow.
First Half 2012 sales inc. VAT^1
Change at constant Change at constant
€m Change exch. rates inc. exch. rates ex.
petrol petrol
LFL Total LFL Total
Hypermarkets 10,389 -3.1% -2.4% -3.1% -4.4% -4.8%
Supermarkets 6,522 +0.9% +2.8% +0.9% +0.2% -0.1%
Other formats 2,099 +7.0% +7.1% +7.0% +6.3% +6.3%
France 19,010 -0.7% +0.3% -0.7% -1.8% -2.1%
Spain 4,279 -4.2% -5.0% -4.2% -6.8% -5.9%
Italy 2,896 -3.3% -2.8% -3.3% -2.8% -3.4%
Belgium 2,070 +1.6% +1.3% +1.6% +1.3% +1.6%
Other countries 2,177 -2.4% -0.8% +3.6% -0.5% +4.2%
Europe (excl. 11,422 -2.6% -2.6% -1.5% -3.1% -1.9%
France)
Brazil 6,151 +1.3% +6.0% +6.7% +7.0% +7.7%
Other countries 2,549 +16.5% +9.0% +12.9% +9.8% +13.8%
Latin America 8,700 +5.3% +6.8% +8.3% +7.8% +9.4%
China 2,908 +11.3% -5.5% +0.0% -5.5% +0.0%
Other countries 1,644 +6.2% +0.1% +1.6% +0.1% +1.6%
Asia 4,552 +9.4% -3.4% +0.6% -3.4% +0.6%
Group 43,684 +0.9% +0.4% +0.9% -0.5% +0.5%
Calendar impact in the first half is estimated at +0.7% for the Group (+1.0%
in France, +0.8% in Europe, +0.7% in Latin America, -0.5% in Asia).
^1 Operations in Greece have been reclassified as Discontinued Activities as
of January 1, 2012. Figures are pro-forma, ex. Greece.
EXPANSION UNDER BANNERS – Q2 2012
In the second quarter, we opened or acquired 163,000 gross sq. m, bringing to
237,000 sq. m the total of new space since the beginning of 2012. Net of
disposals or closures, the network added 86,000 sq. m in the second quarter
(-24,000 sq. m since the beginning of the year)
Openings/
Thousands 31 31 30
of sq. m Dec. March Store Acquisitions Closures Transfers Disposals June
2011 2012 2012
enlargement
France 5 4 975 15 0 -7 0 -45 4
078 939
Europe 6 6 215 69 0 -26 0 0 6
(ex. Fr) 241 260
Latin 2 2 356 10 35 0 0 0 2
America 340 401
Asia 2 2 640 33 0 0 0 0 2
636 673
Total 16 16 128 35 -32 0 -45 16
Group 296 187 273
STORE NETWORK UNDER BANNERS – Q2 2012
In the second quarter, we opened or acquired 287 stores for a total of 419 new
stores since the beginning of 2012 on a gross basis. Net of disposals or
closures, the network grew by 192 stores in the second quarter (101 since the
beginning of the year).
No. of 31 31 30
stores Dec. March Openings Acquisitions Closures Transfers Disposals June
2011 2012 2012
Hypermarkets 1,437 1,434 15 0 0 0 6 1,443
France 232 225 1 0 0 0 6 220
Europe (ex 509 509 8 0 0 0 0 517
Fr)
Latin 335 338 2 0 0 0 0 340
America
Asia 361 362 4 0 0 0 0 366
Supermarkets 3,010 2,966 19 19 14 1 6 2,985
France 977 942 0 0 2 0 6 934
Europe (ex 1,866 1,858 19 0 12 1 0 1,866
Fr)
Latin 150 149 0 19 0 0 0 168
America
Asia 17 17 0 0 0 0 0 17
Convenience 5,170 5,126 120 110 69 -1 0 5,286
France 3,285 3,283 47 0 29 0 0 3,301
Europe (ex 1,787 1,746 63 0 40 -1 0 1,768
Fr)
Latin 98 97 10 110 0 0 0 217
America
Asia 0 0 0 0 0 0 0 0
Cash & carry 154 154 4 0 0 0 0 158
France 137 137 2 0 0 0 0 139
Europe (ex 15 15 2 0 0 0 0 17
Fr)
Asia 2 2 0 0 0 0 0 2
Total 9,771 9,680 158 129 83 0 12 9,872
France 4,631 4,587 50 0 31 0 12 4,594
Europe (ex 4,177 4,128 92 0 52 0 0 4,168
Fr)
Latin 583 584 12 129 0 0 0 725
America
Asia 380 381 381 4 0 0 0 385
AGENDA
August 30: First Half 2012 results
October 11: Q3 2012 sales
Contact:
Carrefour
Investor relations:
Réginald Gillet, Alessandra Girolami, Matthew Mellin, +33 (1) 41 04 26 00
or
Shareholder relations:
Céline Blandineau, +33 (0) 0805 902 902 (toll free in France)
or
Group Communication, +33 (1) 41 04 27 63
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