VERY GOOD PERFORMANCE

+3.3% in the full year and +3.5% in Q4 (ex petrol)

Regulatory News:

Carrefour (Paris:CA):

Fifth consecutive year of like-for-like sales growth and the best yearly performance over the period, at +3.0%:

  • Relevance of our multi-format model, increasing strength of our omni-channel approach
  • Good performance in food in all countries

Solid performance in Q4 2016: €23.4bn, +2.9% like-for-like

  • International: Strong sales growth, +4.5% like-for-like
    • Excellent momentum in Europe with growth in all countries
    • Continued strong growth in Latin America
    • Further sequential improvement in Asia
  • France: Good like-for-like growth, at +0.7%
    • Solid performance demonstrating the relevance of our omnichannel strategy
    • Very good momentum in food sales
    • Completion of the conversion to Carrefour banners of Dia stores
                        Fourth quarter 2016 Full-year 2016  

Sales inc. VAT(€m)

     

LFL ex petroland excalendar

     

Total growthex petrol atconstant exch.rates

Sales inc. VAT(€m)

     

LFL ex petroland excalendar

     

Total growth expetrol atconstant exch.rates

International 12,606       +4.5%       +6.6% 45,574       +4.9%       +6.3% France 10,761       +0.7%       -0.3% 40,126       +0.3%       -0.5%

Group

23,366       +2.9%       +3.5% 85,700       +3.0%       +3.3%  

Total sales under banners including petrol stood at €27.9bn in Q4 2016 and at €103.7bn in the full year, up respectively by 3.7% and 2.1% at constant exchange rates.

In the fourth quarter, currencies and petrol both returned to positive territory and each had favorable impacts of 0.3%; the calendar effect had an unfavorable impact of 0.1%. In full-year 2016, currencies and petrol prices had adverse impacts of 3.4% and 0.6% respectively, and the calendar effect was +0.1%.

GOOD PERFORMANCE IN FULL-YEAR 2016

FIFTH CONSECUTIVE YEAR OF SALES GROWTH

    Sales inc. VAT (€m)      

LFL ex petroland excalendar

 

Total growthex petrol atconstantexch. rates

    International   45,574 +4.9%   +6.3% Other European Countries 22,439 +2.0% +2.3% Latin America 16,254 +13.5% +16.8% Asia   6,881 -5.0%   -4.1% France   40,126 +0.3%   -0.5%  

Carrefour posted a strong performance in 2016, with total sales of €85.7bn, up 3.3% ex petrol at constant exchange rates. Sales were up both in Europe and in the rest of the world, attesting to the relevance of Carrefour’s predominantly food-based multi-format model. Full-year 2016 was marked by excellent performance in food and the Group’s omni-channel evolution.

Sales in our international activities were up +4.9% LFL in the full year. They were up +2.0% in Other European Countries. Each country contributed to this growth. Latin America continued its strong momentum and recorded strong growth of +13.5% LFL. Trends in Asia improved.

In 2016, Carrefour continued rolling out its multi-format model, accelerating openings of convenience stores, notably in Brazil, Spain, Poland and China. The group also continued its strategy of tactical acquisitions, in Romania with Billa and in Spain with selected Eroski stores.

In the full year, France posted LFL sales growth of +0.3% in a challenging environment. This increase illustrates the attractiveness of our stores and the strength of our multi-format model. Indeed, shoppers using several Carrefour formats already represented half of the total client base and two-thirds of our sales. In addition, the omni-channel approach gained momentum: Gross Merchandise Value of our food and non-food e-commerce activities stood at above €1 billion.

SOLID FOURTH QUARTER 2016 PERFORMANCE

    Sales inc. VAT (€m)      

LFL ex petroland excalendar

 

Total growthex petrol atconstantexch. rates

    International   12,606 +4.5%   +6.6% Other European Countries 6,296 +2.5% +3.9% Latin America 4,788 +10.8% +14.3% Asia   1,522 -4.2%   -2.3% France   10,761 +0.7%   -0.3%  

Carrefour posted a very good performance in the fourth quarter of 2016, with sales of €23.4bn, up 3.5% ex petrol at constant exchange rates.

Sales of our international activities were up +4.5% on a like-for-like basis and up +6.6% ex petrol at constant exchange rates.

In Other European countries, LFL sales were up +2.5%. Every country posted growth:

  • Spain, Carrefour’s third-biggest market, maintained its momentum with LFL sales up +4.1% in Q4.
  • In Belgium and Italy, LFL sales rose slightly.
  • LFL sales in Romania and in Poland posted solid growth.

In Latin America, LFL sales continued to grow by +10.8% on the back of already strong comparables. The currency effect was positive at +3.2%:

  • In Brazil, LFL sales continued to grow strongly, increasing by +9.0%.
  • LFL sales in Argentina rose by +15.1%.

In Asia, LFL sales were down 4.2%:

  • China posted another sequential improvement in LFL sales, which were down 5.4%.
  • In Taiwan, sales rose for the eighth consecutive quarter, increasing by +0.2% on a like-for-like basis.

France posted good LFL growth of +0.7% in a persistently difficult environment.

LFL sales in hypermarkets were down 1.2%, impacted by the anticipation to Q3 of the Carrefour Anniversary Month. Food sales continued to grow, demonstrating the quality of our offer.

Supermarkets posted a good performance, up +3.3% on a like-for-like basis, the ninth consecutive quarterly increase.

LFL sales in convenience and other formats were up +2.9%.

The conversion of stores acquired from Dia was nearly completed, with 622 stores in total under Carrefour banners to date.

Variation of fourth quarter 2016 sales inc. VAT

                   

Totalsalesinc. VAT(€m)

Change atcurrentexchangerates inc.petrol

 

Change atconstantexchangerates inc.petrol

  LFL inc. petrol  

LFL ex petrolex calendar

 

Organicgrowth expetrol excalendar

International   12,606 +7.1%   +6.5%   +4.5%   +4.5%   +5.9%

 

                      Other European countries   6,296 +3.6%   +4.0%   +2.5%   +2.5%   +2.7% Spain 2,529 +3.4% +3.4% +3.5% +4.1% +4.0% Italy 1,477 -1.5% -1.5% +0.7% +0.6% -1.2% Belgium 1,185 +1.0% +1.0% +0.7% +0.5% +0.8%                         Latin America   4,788 +17.0%   +13.9%   +10.7%   +10.8%   +14.1% Brazil 3,851 +33.1% +12.4% +8.6% +9.0% +13.0%                         Asia   1,522 -4.9%   -2.3%   -3.7%   -4.2%   -2.7% China 1,122 -9.0% -4.2% -5.4% -5.4% -4.3%                         France   10,761 +0.9%   +0.9%   +1.8%   +0.7%   -0.5% Hypermarkets 5,758 -1.3% -1.3% -0.9% -1.2% -1.6% Supermarkets 3,400 +1.5% +1.5% +3.0% +3.3% +0.5% Convenience /other formats 1,602 +8.4% +8.4% +10.8% +2.9% +1.6%                         Group Total   23,366 +4.2%   +3.9%   +3.3%   +2.9%   +3.0%  

Variation of full-year 2016 sales inc. VAT

               

 

 

Totalsalesinc. VAT(€m)

Change atcurrentexchangerates inc.petrol

 

Change atconstantexchangerates inc.petrol

  LFL inc. petrol  

LFL ex petrolex calendar

 

Organicgrowth expetrol excalendar

International   45,574 -0.3%   +6.1%   +4.8%   +4.9%   +6.0%                         Other European countries   22,439 +1.4%   +1.9%   +1.6%   +2.0%   +1.8% Spain 8,964 +1.2% +1.2% +1.3% +2.3% +2.2% Italy 5,484 -1.0% -1.0% +1.8% +2.1% +0.9% Belgium 4,382 +0.6% +0.6% +0.5% +0.3% +0.3%                         Latin America   16,254 +0.9%   +16.6%   +13.4%   +13.5%   +16.7% Brazil 12,858 +10.6% +15.0% +10.9% +11.0% +15.1%                         Asia   6,881 -7.8%   -4.1%   -4.8%   -5.0%   -4.3% China 5,075 -11.6% -7.2% -7.6% -7.8% -7.4%                         France   40,126 -1.2%   -1.2%   -0.1%   +0.3%   -0.9% Hypermarkets 20,815 -2.6% -2.6% -2.3% -1.5% -1.8% Supermarkets 12,945 -0.9% -0.9% +0.4% +2.6% -0.3% Convenience/other formats 6,367 +3.2% +3.2% +7.9% +1.8% +0.8%                         Group Total   85,700 -0.7%   +2.7%   +2.6%   +3.0%   +3.0%  

EXPANSION UNDER BANNERS – Fourth quarter 2016

                                            Thousands of sq. m.    

Dec 31, 2015

     

Sept. 30, 2016

     

Openings/Storeenlargements

      Acquisitions      

Closures/StoreReductions

     

Total Q42016 change

     

Dec 31, 2016

France 5,668 5,702 33 - -16 17 5,719 Europe (ex France) 6,039 5,436 62 16 -66 12 5,449 Latin America 2,258 2,286 50 - - 50 2,335 Asia 2,734 2,764 5 - -10 -5 2,758 Others1     828       897       24       -       -1       23       920 Groupe     17,526       17,085       174       16       -94       96       17,181  

STORE NETWORK UNDER BANNERS – Fourth quarter 2016

                                                  No. of stores    

Dec. 31, 2015

     

Sept. 30, 2016

      Openings       Acquisitions      

Closures/Disposals

      Transfers      

Total Q42016 change

     

Dec. 31. 2016

Hypermarkets     1,481       1,447       16       2       -3       -       15       1,462 France 242 242 1 - - - 1 243 Europe (ex France) 489 435 4 2 -2 - 4 439 Latin America 304 308 8 - - - 8 316 Asia 369 375 - - -1 - -1 374

Others1

    77       87       3       -       -       -       3       90 Supermarkets     3,462       3,243       36       -       -67       15       -16       3,227 France 1,003 1,044 2 - - 16 18 1,062 Europe (ex France) 2,096 1,820 23 - -66 - -43 1,777 Latin America 168 168 - - - - - 168 Asia 29 33 5 - - - 5 38 Others1     166       178       6       -       -1       -1       4       182 Convenience     7,181       6,951       232       -       -93       -15       124       7,075 France 4,263 4,226 66 - -54 -16 -4 4,222 Europe (ex France) 2,464 2,232 119 - -39 0 80 2,312 Latin America 404 433 35 - - - 35 468 Asia 8 18 9 - - - 9 27 Others1     42       42       3       -       -       1       4       46 Cash & carry     172       171       -       -       -       -       -       171 France 142 143 - - - - - 143 Europe (ex France) 18 13 - - - - - 13 Asia 0 2 - - - - - 2 Others1     12       13       -       -       -       -       -       13 Group     12,296       11,812       284       2       -163       0       123       11,935 France 5,650 5,655 69 - -54 - 15 5,670 Europe (ex France) 5,067 4,500 146 2 -107 0 41 4,541 Latin America 876 909 43 - - - 43 952 Asia 406 428 14 - -1 - 13 441 Others1     297       320       12       -       -1       0       11       331  

DEFINITIONS

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

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

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

1 Africa, Middle East and Dominican Republic.

CarrefourInvestor Relations: Mathilde Rodié, Anne-Sophie LanauteTel : +33 (0)1 41 04 28 83orShareholder RelationsTel : +33 (0)805 902 902 (toll-free in France)orGroup CommunicationTel : +33 (0)1 41 04 26 17

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