Carrefour: Sales growth in the fourth quarter and in 2012

  Carrefour: Sales growth in the fourth quarter and in 2012

Continued growth in emerging markets, notably Latin America, better quarter in
                                    France

               Q4 2012 sales (inc. VAT):+0.8% to €22.9bn

            Full-year 2012 sales (inc. VAT): +1.0% to €86.6bn

Business Wire

BOULOGNE-BILLANCOURT, France -- January 17, 2013

Regulatory News:

  *Q4 2012 sales: €22.9bn, +0.8%, supported by Latin America and food sales.
    Fourth quarter also confirms the improvement in trends reported in France
    in the third quarter. Consumption in Southern Europe remains under
    pressure.

       *France: Sales up 0.6%, with a further improvement in trends in
         hypermarkets, sales growth in supermarkets and a solid performance in
         convenience. The figures benefit from an increase in fuel sales.
       *Europe (excluding France): Sales down 2.4%. The impact of the drop in
         consumption is significant this quarter in Southern Europe and
         Poland. Belgium continues to record solid growth.
       *Latin America: Sales up 4.8% (+15.1% at constant exchange rates).
         Continued strong growth in Brazil.
       *Asia: Sales growth of 5.6% (-0.5% at constant exchange rates). In
         China, expansion continues and constant currency sales increased by
         0.7%. Taiwan recorded lower sales in the quarter.

  *Full-year 2012sales: €86.6bn, +1.0%. Emerging markets performed well,
    notably Latin America where sales increased by 4.8% (+12.2% at constant
    exchange rates).
  *2012 Recurring Operating Income: The Group is comfortable with the current
    median consensus which stands at around €2.07bn.

Fourth quarter 2012 sales inc. VAT^1

                    Change at          Change at constant   Change at constant
                    current exch.      exch. rates          exch. rates
                  rates inc.        inc. petrol         ex. petrol
           €m       petrol
                                                           
                    
                   Total              LFL       Total     LFL       Total
                                                              
                                                                       -0.9%
France     10,537   +0.6%              +1.3%     +0.6%     -0.8%   
                                                                       -
Europe
(ex.       6,387    -2.4%              -3.6%      -3.1%     -3.9%      -3.4%
France)
Latin      4,268    +4.8%              +10.9%     +15.1%    +11.2%     +15.8%
America
Asia       1,661   +5.6%              -3.9%     -0.5%     -3.9%     -0.5%
                                                              
Group      22,853  +0.8%              +1.3%     +2.1%     +0.4%     +1.6%

Full-year 2012 sales inc. VAT^1

                    Change at          Change at constant   Change at constant
                  current exch.     exch.               exch. rates
           €m       rates inc.         rates inc. petrol    ex. petrol
                    petrol
                   Total              LFL       Total     LFL       Total
                                                              
France     39,533   +0.1%              +0.9%     +0.1%     -1.5%     -1.5%
Europe
(ex.       23,667   -2.5%              -2.9%      -2.1%     -3.4%      -2.5%
France)
Latin      16,140   +4.8%              +9.4%      +12.2%    +10.1%     +13.1%
America
Asia       7,218   +10.0%             -4.1%     +0.2%     -4.1%     +0.2%
                                                              
Group      86,558  +1.0%              +1.0%     +1.7%     0.0%      +1.1%

^1 Activities in Greece, Singapore, Colombia, Malaysia and Indonesia have been
reclassified as Discontinued Activities as of Jan. 1, 2012. Variations are
pro-forma.

FRANCE

Fourth quarter 2012 sales inc. VAT^2

                                        Change inc. petrol   Change ex. petrol
                              €m                         
                                                            
                                       LFL        Total    LFL       Total
                                                                
Hypermarkets                   6,043    -0.1%      -0.7%    -2.0%     -2.3%
Supermarkets                   3,394    +2.2%       +0.8%    +0.1%      +0.1%
Convenience and other          1,101   +6.8%      +7.6%    +4.0%     +4.8%
formats
                                                                
France                         10,537  +1.3%      +0.6%    -0.8%     -0.9%

The calendar effect in France is estimated at -0.5% in the fourth quarter.

Sales in France were up 0.6%. Petrol sales benefited from the "Low Price
Guarantee" launched in May and contributed +1.5% to sales growth.

LFL sales in Hypermarkets were broadly stable. Excluding petrol, LFL sales
were down by 2.0%. This performance confirms the sequential improvement
observed in the previous quarter. Food sales grew for the first time in over
two years.

LFL sales in Supermarkets were up by 2.2% (+0.1% excluding petrol). Sales to
our franchisees continued to rise this quarter, despite strong 2011
comparables.

The roll-out of Drive continues, reaching 205 outlets at year-end.

Convenience and other formats recorded LFL sales growth of 6.8%. Excluding
petrol, LFL sales rose 4.0%, renovated stores performed well.

^2 In 2012, expansion was marked by three changes in scope: the end of the
franchise agreement with Coop Atlantiqueeffective January 1, 2012, the end of
the franchise agreement with Altis effective April 6, 2012 and the 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.

EUROPE (excluding France)

Fourth quarter 2012 sales inc. VAT^3

                      Change at          Change at constant   Change at
                   current exch.     exch. rates         constant exch.
              €m      rates inc.         inc. petrol          rates ex. petrol
                      petrol
                     Total              LFL        Total    LFL      Total
                                                               
Spain         2,440   -4.8%              -5.6%      -4.8%    -6.8%    -6.0%
Italy         1,497   -7.8%              -6.6%       -7.8%    -6.5%     -7.8%
Belgium       1,189   +3.8%              +3.3%       +3.8%    +3.3%     +3.8%
Other         1,261  +3.8%              -2.1%      0.0%     -1.7%    +0.5%
countries
                                                               
Europe (ex.   6,387  -2.4%              -3.6%      -3.1%    -3.9%    -3.4%
France)

The calendar effect in Europe (excluding France) is estimated at -0.3% in the
fourth quarter. Exchange rate effects were positive in the quarter due to the
appreciation of the Polish and Turkish currencies against the euro.

Sales in Europe (excluding France) fell by 2.4% at current exchange rates,
broadly in line with the previous quarter.

Weak LFL sales trends in Spain continued (-6.8% excluding petrol) as austerity
measures continued to impact consumption.

In Italy, LFL sales dropped by 6.5% excluding petrol. The drop in consumption
since this summer has resulted in a more intense competitive and promotional
environment.

Belgium recorded a further rise in sales (+3.3% LFL), confirming the good
momentum observed in recent quarters.

Sales in other countries (Poland, Turkey and Romania) were stable at constant
exchange rates. Sales ex. petrol were down 1.7% LFL, with a tougher
consumption environment in Poland in the fourth quarter. LFL sales grew in
Romania and in Turkey.

^3 On August 8, 2012, Carrefour sold to Marinopoulos its stake in their joint
venture, leading to the Group’s operations being reclassified as Discontinued
Activities as of January 1, 2012. Variations are pro-forma.

LATIN AMERICA

Fourth quarter 2012 sales inc. VAT^4

                     Change at         Change at constant   Change at constant
                   current          exch. rates         exch.
             €m      exch. rates       inc. petrol          rates ex. petrol
                     inc. petrol
                    Total             LFL       Total     LFL       Total
                                                              
Brazil       3,285   +2.2%             +9.6%     +12.6%    +10.0%    +13.3%
Argentina    983    +14.4%            +15.4%    +24.6%    +15.4%    +24.6%
                                                              
Latin        4,268  +4.8%             +10.9%    +15.1%    +11.2%    +15.8%
America

The calendar effect in Latin America is estimated at -1.4% in the fourth
quarter. The unfavorable currency effects of -10.3% are attributable to the
depreciation of the Brazilian real and the Argentine peso against the euro.

Sales in Latin America rose by 4.8% and by 15.1% excluding currencies, broadly
in line with the previous quarter.

In Brazil, sales ex petrol increased by 13.3% at constant exchange rates, of
which 10.0% LFL. All formats contributed to this strong performance.

Argentina recorded growth of 24.6% at constant exchange rates, of which 15.4%
LFL. Expansion was driven by the contribution of the store network acquired
from Eki earlier in June 2012.

ASIA

Fourth quarter 2012 sales inc. VAT^5

                          Change at current
                 €m     exch.                Change at constant exch. rates
                          rates
                         Total                 LFL                Total
                                            
China             1,308   +6.4%                 -3.1%              +0.7%
Other countries   353    +2.5%                 -7.0%              -4.7%
                                                              
Asia              1,661  +5.6%                 -3.9%              -0.5%

The calendar effect in Asia is estimated at +0.4% in the fourth quarter. The
Taiwanese and Chinese currencies appreciated against the euro this quarter,
accounting for Asia’s positive currency effect of 6%.

Sales in Asia rose by 5.6%. Excluding currencies, they were broadly stable
(-0.5%).

Sales at constant rates in China were up +0.7%. Expansion offset the drop in
LFL sales (-3.1%). LFL sales trends improved over previous quarters.

Sales in other countries (Taiwan and India) were up by 2.5% at current
exchange rates. Taiwan recorded lower sales this quarter at constant exchange
rates.

^4 Activities in Colombia were reclassified as Discontinued Operations
effective January 1, 2012. Variations are pro-forma.

^5 Activities in Singapore, Malaysia and Indonesia were reclassified as
Discontinued Operations effective January 1, 2012. Variations are pro-forma.

2012 sales incl. VAT^6

                          Change at
                          current       Change at constant   Change at
                        exch.        exch.               constant exch.
                          ratesinc.   ratesinc. petrol   ratesex. petrol
                          petrol
                 €m      Total         LFL       Total     LFL       Total
Hypermarkets     21,792   -1.9%         -1.3%     -1.9%     -3.5%     -3.8%
Supermarkets     13,348   +1.4%         +3.0%      +1.4%     +0.1%      +0.2%
Convenience &    4,393   +6.8%         +6.5%     +6.8%     +4.8%     +5.3%
other formats
France           39,533  +0.1%         +0.9%     +0.1%     -1.5%     -1.5%
                                                      
Spain            9,039    -4.1%         -4.8%      -4.1%     -6.4%      -5.6%
Italy            5,720    -5.7%         -4.9%      -5.7%     -4.7%      -5.6%
Belgium          4,309    +2.2%         +2.0%      +2.2%     +2.0%      +2.2%
Other            4,599   +1.0%         -1.0%     +2.9%     -0.7%      +3.4%
countries
Europe (ex.      23,667  -2.5%         -2.9%     -2.1%     -3.4%     -2.5%
France)
                                                               
Brazil           12,540   +1.2%         +7.7%      +9.4%     +8.5%      +10.4%
Argentina        3,600   +19.6%        +16.4%    +23.6%    +16.4%    +23.6%
Latin America    16,140  +4.8%         +9.4%     +12.2%    +10.1%    +13.1%
                                                               
China            5,583    +10.8%        -5.1%      +0.2%     -5.1%      +0.2%
Other            1,635   +7.3%         -0.9%     +0.2%     -0.9%     +0.2%
countries
Asia             7,218   +10.0%        -4.1%     +0.2%     -4.1%     +0.2%
                                                      
Group            86,558  +1.0%         +1.0%     +1.7%     0.0%      +1.1%

2012 under banners incl. VAT^7

                 France incl.      Europe
               overseas                          Latin America    Asia            Others^8        Group
                 territories       (ex. France)
                 €m      Change  €m      Change  €m      Change  €m     Change  €m     Change  €m       Change
                                                                                            
Hypermarkets     23,128  -3.5%   16,445  -4.0%   13,993  +4.7%   8,343  +9.6%   3,478  +12.9%  65,387   +0.4%
Supermarkets     15,464  -1.3%   9,254   -1.5%   1,568   +7.9%   55     +7.3%   677    +45.8%  27,018   -1.3%
Other            6,147   +5.3%   2,155   +2.7%   579     +0.8%   30     +9.5%   -      -       8,911    +4.4%
formats
Total            44,739  -1.7%   27,853  -3.7%   16,140  +4.8%   8,428  +9.6%   4,155  +17.2%  101,316  +0.2%

^6 Activities in Greece, Singapore, Colombia, Malaysia and Indonesia were
reclassified as Discontinued Activities effective January 1, 2012. Variations
are pro-forma.

^7 Activities in Singapore, Colombia and Malaysia were reclassified As
Discontinued Activities effective January 1, 2012. Variations are pro-forma.
Activities in Greece and Indonesia remain under banner sales.

^8 Northern Africa, Middle East and Dominican Republic

EXPANSION UNDER BANNERS – Q4 2012

In the fourth quarter, we opened or acquired 243,000 gross m², bringing total
new space in 2012 to 590,000 m². Net of disposals or closures, the network
added 186,000 m² in the fourth quarter (248,000 m² in 2012).

Thousands   31       30       Openings /                                                       31
of sq. m   Dec.    Sep.    Store         Acquisitions  Closures  Transfers  Disposals  Dec.
            2011     2012     enlargements                                                     2012
                                                                               
France     5,078   4,940   29            2             -12                 -2         4,957
Europe     6,241   6,292   88                         -24                           6,355
(ex. Fr)
Latin      1,936   2,014   31                                                      2,045
America
Asia       2,447   2,518   93                         -18                           2,593
Group      15,702  15,764  241           2             -54                 -2         15,951

STORE NETWORK UNDER BANNERS – Q4 2012

In the fourth quarter, Carrefour opened or acquired 266 stores for a total of
836 new stores in 2012 (gross basis). Net of disposals or closures, the
network grew by 168 stores in the fourth quarter (346 in 2012).

               31      30                                                                   31
No of stores  Dec.   Sep.   Openings  Acquisitions  Closures  Transfers  Disposals  Dec.
               2011    2012                                                                 2012
                                                                            
Hypermarkets  1,334  1,347  23                     -4                            1,366
France        232    220    1                      -1                            220
Europe (ex.   509    518    6                                                   524
Fr)
Latin         260    267    5                                                   272
America
Asia          333    342    11                     -3                            350
                                                                            
Supermarkets  3,010  3,444  25        1             -13       -1         -2         3,454
France        977    933    3         1             -1                  -2         934
Europe (ex.   1,866  2,326  22                     -11       -1                   2,336
Fr)
Latin         150    168                                                       168
America
Asia          17     17                           -1                            16
                                                                            
Convenience   5,150  4,877  211                    -79       1                    5,010
France        3,285  3,308  76                     -42                           3,342
Europe        1,787  1,354  115                    -37       1                    1,433
(ex.Fr)
Latin         78     215    20                                                  235
America
Asia          0      0                                                         0
                                                                            
Cash & carry  154    158    6                                                   164
France        137    139                                                       139
Europe (ex.   15     17     4                                                   21
Fr)
Asia          2      2      2                                                   4
                                                                            
Group         9,648  9,826  265       1             -96                 -2         9,994
France        4,631  4,600  80        1             -44                 -2         4,635
Europe        4,177  4,215  147                    -48                           4,314
(ex.Fr)
Latin         488    650    25                                                  675
America
Asia          352    361    13                     -4                            370

                                    AGENDA

                    March 7, 2013: Full-year 2012 results

                        April 18, 2013: Q1 2013 sales

                                                                
APPENDIX



IMPACT OF RESTATEMENTS ON FULL YEAR 2011 P&L
(REPORTED / PRO FORMA)
                                  
                                  2011       Impact of Greece,      2011
In millions of euros              reported   Singapore, Colombia,   pro-forma
                                             Malaysia and
                                             Indonesia
Sales, net of taxes               81,271     -5,204                 76,067
Loyalty program                   -816       5                      -810
Other revenues                    2,309      -85                    2,224
Total revenues                    82,764     -5,283                 77,481
Cost of sales                     -64,912    4,239                  -60,673
Gross margin of current           17,852     -1,043                 16,809
operations
SG&A                              -13,969    909                    -13,060
Current operating income before   3,883      -134                   3,749
D&A and provisions (EBITDA)
Depreciation & provisions         -1,701     149                    -1,552
Recurring operating income        2,182      15                     2,197
Non current income and expenses   -2,662     325                    -2,337
Operating income                  -481       341                    -140
Financial result                  -757       52                     -705
Result before tax                 -1,238     393                    -845
Income tax                        -1,002     71                     -931
Equity accounted companies        64         0                      64
Net income from recurring         -2,176     464                    -1,713
operations
Net income from discontinued      2,580      -464                   2,116
operations
Total net income                  404        0                      404
Of which net income - Group       371        0                      371
Share
Of which Net income from
recurring operations - Group      -2,202     339                    -1,863
Share
Of which Net income from
discontinued operations - Group   2,573      -339                   2,234
Share
Of which net income – Minority    33         0                      33
Interest

Contact:

Carrefour
Investor relations:
Réginald Gillet, Alessandra Girolami, Matthew Mellin
Tel: +33 1 41 04 26 00
opr
Shareholder relations:
Céline Blandineau
Tel: +33 805 902902 (toll free in France)
or
Group Communication
Tel: +33 1 41 04 26 17