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Carrefour: Accelerating sales growth in 2013; Continued solid momentum in the fourth quarter

  Carrefour:Accelerating sales growth in 2013; Continued solid momentum in
  the fourth quarter

Full-year 2013 sales: €84.3bn, organic growth of +2.5%^1

  *Growth rebounds in France: +1.3%
  *Continued momentum of International activities: +3.5% including +12.6% in
    Latin America

Q4 2013 sales: €22.2bn, organic ^  growth of +3.2%^1

  *France: another quarter of growth in all formats, +1.7%
  *Solid performance in Internationalactivities: sales up +4.2%; continued
    growth in emerging markets, Spain returns to positive territory with
    growth of +1.7%

2013 Recurring Operating Income:

  *The Group is comfortable with the consensus, which stands at €2.19bn

Business Wire

BOULOGNE-BILLANCOURT, France -- January 16, 2014

Regulatory News:

Carrefour (Paris:CA):

Full-year 2013 sales inc. VAT^2

                         Total    Organic growth   Organic growth
              €m      growth  ex. petrol      ex. petrol
                                                   ex. calendar
France          39,726   +0.2%    +1.0%            +1.3%
International   44,598   -2.5%    +3.4%            +3.5%
Total Group     84,324   -1.2%    +2.3%            +2.5%
                                                   

For the full-year 2013, total sales under banners stood at €100.2bn, up 1.5%
at constant exchange rates.

Fourth quarter 2013 sales inc. VAT^2

                         Total    Organic growth   Organic growth
              €m      growth  ex. petrol      ex. petrol
                                                   ex. calendar
France          10,604   +0.3%    +2.0%            +1.7%
International   11,593   -3.1%    +4.3%            +4.2%
Total Group     22,197   -1.5%    +3.4%            +3.2%
                                                   

In Q4, the currency effect for the group was -3.8%. The calendar effect is
estimated at +0.3% for France and +0.1% for international activities.

Total sales under banners including petrol in Q4 2013 stood at €26.2bn, up
2.2% at constant exchange rates.

FRANCE

Fourth quarter 2014 sales inc. VAT

                                                                                    Change
                        Change inc. petrol        Change ex-petrol          ex.petrol
                 €m                                                                 ex.
                                                                                    calendar
                            LFL    Organic  Total     LFL    Organic  Total     Organic
                                    growth                      growth              growth
Hypermarkets     6,097      0.0%   +0.3%    +0.3%     +1.4%  +1.7%    +1.7%     +1.3%
Supermarkets     3,376      +0.4%   -0.5%     -0.5%     +2.9%   +1.8%     +1.8%     +2.1%
Convenience
and other        1,131      +2.2%  +2.7%    +2.7%     +4.4%  +4.6%    +4.6%     +4.3%
formats
France           10,604     +0.4%  +0.3%    +0.3%     +2.2%  +2.0%    +2.0%     +1.7%
                                                                                    

Organic^3 sales in France were up 1.7%. Sales grew for the second consecutive
quarter in all formats. The variation in petrol sales impacted sales in France
by -1.7%.

Sales excluding petrol at Hypermarkets were up 1.7% (+1.4% LFL). Organic^3
sales were up 1.3%. Food sales grew, confirming their improvement.

Sales excluding petrol at Supermarkets were up 1.8% (+2.9% LFL). Organic^3
sales were up 2.1%.

Convenience and other formats posted a 4.6% rise in sales excluding petrol
(+4.4% LFL).

INTERNATIONAL

Fourth quarter 2013 sales inc. VAT^4

                                                                                         Change
                                                                                         at          Change
                             Change at constant exch.      Change at constant exch.      current     ex.
                        rates                       rates                       exch.     petrol
                  €m         inc. petrol                   ex. petrol                    rates       ex.
                                                                                         inc.        calendar
                                                                                         petrol
                             LFL     Organic  Total      LFL     Organic  Total      Total       Organic
                                      growth                        growth                           growth
Other
European          5,991      -1.6%    -1.0%     -0.7%      -1.4%    -0.7%     -0.4%      -0.8%       -0.7%
countries
Latin America     3,973      +11.3%   +12.7%    +11.9%     +11.1%   +12.6%    +11.8%     -6.9%       +12.6%
Asia              1,629      -2.9%   +1.3%    +1.3%      -2.9%   +1.3%    +1.3%      -1.9%       +0.7%
International     11,593     +2.7%   +4.2%    +4.1%      +2.8%   +4.3%    +4.2%      -3.1%       +4.2%
                                                                                                     

The Group’s international sales were up 4.1% at constant exchange rates (+2.7%
LFL). Organic^5 sales were up 4.2%.

Other European countries

Sales in Europe were resilient, dropping 0.4% excluding petrol. There was no
currency effect in the quarter.

Sales in Spain were up 1.2% this quarter (+0.2% LFL), confirming the improved
momentum recorded throughout 2013. Organic^5 sales were up 1.7%. The economic
environment remained challenging in Italy where sales dropped 4.6% (-5.8%
LFL). In Belgium, sales rose 1.1% this quarter, with stable LFL sales.

Latin America

Sales were up 11.9% at constant exchange rates and organic sales were up 12.7%
in Latin America. The calendar effect was neutral. Currencies had a negative
impact of 18.8% in the quarter due to the depreciation of the Brazilian real
and the Argentine peso against the euro.

In Brazil,  growth continued in all formats. Organic sales were up 6.8% (+5.6%
LFL) in a context of slowing inflation for commodities. Argentina posted
organic sales growth of 32.3%, of which 29.7% LFL.

Asia

Organic sales in Asia were up 1.3%.

In China, organic sales were up 1.4% (-3.1% LFL) in a slowing consumption
environment. In Taiwan, organic sales were stable.

FULL-YEAR 2013 SALES INC. VAT^6

                                                                                         Change
                                                                                  at        Change
                             Change at constant exch.      Change at constant exch.      current     ex.
                           rates                         rates                         exch.       petrol
                  €m         inc. petrol                   ex. petrol                    rates       ex.
                                                                                         inc.        calendar
                                                                                         petrol
                             LFL     Organic  Total      LFL     Organic  Total      Total       Organic
                                      growth                        growth                           growth
Hypermarkets      21,918     -0,3%   +0.1%    +0.1%      +0.2%   +0.7%    +0.7%      +0.1%       +1.0%
Supermarkets      13,253     +0,2%    -0.7%     -0.7%      +0.9%    +0.6%     +0.6%      -0.7%       +1.0%
Convenience       4,556      +3,8%   +3.7%    +3.7%      +3.7%   +4.0%    +4.0%      +3.7%       +4.2%
and others
France            39,726     +0,3%   +0.2%    +0.2%      +0.8%   +1.0%    +1.0%      +0.2%       +1.3%
Other
European          21,790     -2.9%    -2.8%     -2.6%      -2.8%    -2.8%     -2.5%      -2.6%       -2.6%
countries
Latin America     15,536     +11.2%   +12.4%    +12.2%     +10.9%   +12.3%    +12.1%     -3.7%       +12.6%
Asia              7,272      -1.9%   +2.2%    +2.2%      -1.9%   +2.2%    +2.2%      +0.8%       +1.9%
International     44,598     +2.2%   +3.4%    +3.4%      +2.1%   +3.4%    +3.4%      -2.5%       +3.5%
Group             84,324     +1.3%   +1.9%    +1.9%      +1.6%   +2.3%    +2.4%      -1.2%       +2.5%
                                                                                                     

EXPANSION UNDER BANNERS – Q4 2013

In Q4 2013, Carrefour opened or acquired 264,000 gross sq.m and 579,000 gross
sq. m in the full year. Net of disposals and closures, the network added
213,000 sq. m in Q4 2013 and added 227,000 sq. m in the full year.

              31         30                                            Closures/                                  Total      31
Thousands   Dec.     Sep.     Opening/Store   Acquisitions   Store        Transfers   Disposals   Q4       Dec.
of sq. m      2012^7     2013       enlargements                       reductions                                 2013       2013
                                                                                                                  change
France      5,075    5,061    18                             -8                                   10       5,071
Europe        5,630      5,499      67                                 -28                                        40         5,539
(ex. Fr)
Latin         2,045      2,065      30                                 -7                                         23         2,088
America
Asia          2,592      2,644      126                                -5                                         121        2,765
Others^8    608      689      23                            -1                                 22       712
Group       15,949   15,958   264                           -49                                215      16,176
                                                                                                                             

STORE NETWORK UNDER BANNERS – Q4 2013

In Q4 2013, Carrefour opened or acquired 313 stores (+810 over the full year).
Net of disposals and closures, the network added 212 stores in Q4 2013 (+110
stores in the full year).

                 31         30                                                                              Total      31
No. of         Dec.     Sep.    Openings   Acquisitions   Closures   Transfers   Diposals   Q4       Dec.
stores           2012^7     2013                                                                            2013       2013
                                                                                                            change
Hypermarkets   1,366    1,386   24                       -2         13                    35       1,421
France         232      234                                                                    234
Europe (ex     457      460     2                                  13                    15       475
Fr)
Latin          272      273     5                        -1                              4        277
America
Asia           350      357     15                       -1                              14       371
Others^8       55       62      2                                                       2        64
Supermarkets   2,986    2,878   73                       -21        -13                   38       2,917
France         964      949                                                                    949
Europe (ex     1,728    1,624   66                       -20        -13                   32       1,656
Fr)
Latin          168      168     1                                                       1        169
America
Asia           16       17                                                                     17
Others^8       110      120     6                        -1                              5        126
Convenience    5,479    5,456   214                      -78                             137      5,593
France         3,405    3,425   85                       -52                             33       3,458
Europe (ex     1,819    1,717   102                      -25                             78       1,795
Fr)
Latin          235      292     25                       -1                              24       316
America
Asia           0        0                                                                      0
Others^8       20       22      2                                                       2        24
Cash & carry   164      173     2                        -1                              1        174
France         140      139                             -1                              -1       138
Europe (ex     14       19                                                                     19
Fr)
Asia           4        4       1                                                       1        5
Others^8       6        11      1                                                       1        12
Group          9,995    9,893   313                      -102                            212      10,105
France         4,741    4,747   85                       -53                             32       4,779
Europe (ex     4,018    3,820   170                      -45                             125      3,945
Fr)
Latin          675      733     31                       -2                              29       762
America
Asia           370      378     16                       -1                              15       393
Others^8       191      215     11                       -1                              10       226
                                                                                                    

DEFINITIONS

LFL sales growth: Sales generated by stores opened for at least twelve months,
excluding temporary store closures.

Organic sales growth: LFL sales plus net openings over the past twelve months,
including temporary store closures.

Sales under banners: Total sales under banners including sales by franchisees
and international partnerships.

^1 Ex. petrol and ex. calendar. Organic growth is at constant exchange rates.

^2 Figures are proforma, excluding discontinued activities.

^3 Ex. petrol and ex. calendar. Organic growth is at constant exchange rates.

^4 Figures are proforma, excluding discontinued activities.

^5 Ex. petrol and ex. calendar. Organic growth is at constant exchange rates.

^6 Figures are proforma, excluding discontinued activities.

^7 The store network as of 31 December 2012 takes into account the
reclassification of 469 franchised stores from the supermarket format to the
convenience store format.

^8 Maghreb, Middle East and Dominican Republic.

Contact:

Carrefour
Investor Relations:
Réginald Gillet, Alessandra Girolami, Matthew Mellin
Tel: +33 (0)1 41 04 26 00
or
Shareholder Relations
Tel: +33 (0)805 902 902 (toll-free in France)
or
Group Communication
Tel: +33 (0)1 41 04 26 17
 
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