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Regulatory News:

Carrefour (Paris:CA)

• Sharp increase in sales in the first quarter of 2017, reflecting the relevance of Carrefour’s multiformat model and balanced country portfolio
  • Robust growth of +6.2% at current exchange rates
  • Continued progression in food sales: up +2.2% like-for-like and +5.9% on a reported basis
  • Significant increase of Group Gross Merchandise Value: +34%

• Solid growth in international operations (+10.9% at current exchange rates)
  • Good sales performance on the back of strong comparables
  • Continued growth in Latin America amid a slowdown in inflation

• Further sales growth in France (+0.8%)
  • Continued roll-out of omnichannel strategy
  • Good performance in convenience and growing momentum of ex-DIA stores converted to Carrefour banners for more than 12 months

• Target of 3% to 5% full-year 2017 sales growth at constant exchange rates confirmed

     

 

Sales inc. VAT (€m)

 

LFL ex petroland excalendar

  Total variation International 11,889 +2.1% +10.9% France 9,406   +0.5%   +0.8% Group 21,295   +1.4%   +6.2%  

This quarter, currencies and petrol both had a favorable impact of +3.9% and +1.3% respectively. The calendar effect was particularly strong at -1.6%, notably due to the fact that Easter is in the second quarter this year and there was one less trading day in Q1 2017 as 2016 was a leap year.

Total sales under banners including petrol stood at €25.7bn in the first quarter of 2017, up +4.7% at current exchange rates.

FIRST QUARTER 2017 SALES INC. VAT

       

Sales inc. VAT

(€m)

LFL ex petroland excalendar

Totalvariation

    International   11,889 +2.1%   +10.9% Latin America 4,518 +7.8% +30.9% Asia 1,987 -4.0% -4.1% Other European countries   5,384 +0.9%   +3.6% France   9,406 +0.5%   +0.8%  

Carrefour posted solid growth in the first quarter of 2017, with sales of €21.3bn, up 6.2%. This performance once again underscores the relevance of Carrefour’s multiformat model and the good balance of its country portfolio. Food sales showed solid growth, rising by 5.9% in the quarter. Carrefour’s omnichannel approach continued to gain momentum with a significant increase of +34% in Group Gross Merchandise Value this quarter.

This quarter was marked by a particularly strong calendar effect of -1.6%, due to the fact that Easter is in the second quarter this year and there was one less trading day in Q1 2017 as 2016 was a leap year. Carrefour benefited this quarter from a favorable currency effect of +3.9%, due to the appreciation of the Brazilian Real. The petrol effect was also favorable, at +1.3%.

Sales in international activities were up +10.9% in the first quarter of 2017. This performance takes into account a negative calendar effect of -1.8% and a positive currency effect of +7.3%. Like-for-like sales growth was solid, at +2.1%, driven by a +2.8% increase in food sales.

In Latin America, like-for-like sales were up +7.8% (+11.7% on an organic basis), a solid performance. The currency effect was +22.1%.

In Brazil, the roll-out of Carrefour’s multiformat model continues to bear fruit in an environment marked by high unemployment and a slowdown in inflation in Q1. In this context, Carrefour posted a good performance, with like-for-like sales up +5.6% (+10.5% on an organic basis). Carrefour’s success in the country reflects the continued progression of Atacadão and hypermarkets as well as further openings of convenience stores under the Express banner. Like-for-like sales in Argentina were up +14.6% in a difficult economic environment.

Asia posted another sequential improvement in sales, which were down -4.0% in the first quarter of 2017 (-2.3% on an organic basis). China recorded a like-for-like sales drop of -5.5% and sales in Taiwan rose for the ninth consecutive quarter, up +0.3% on a like-for-like basis on the back of strong comparables.

In Other European countries, sales rose again in the quarter (+3.6% in total) on a challenging comparable base in several countries. On a like-for-like basis, sales were up +0.9% in the quarter.

• In Spain, like-for-like sales were up +0.3% in the quarter on the back of strong comparables in the same period last year (+3.4%);
• Positive momentum continued in Italy, where like-for-like sales were up +1.6%, on the back of strong comparables in Q1 2016 (+4.5%) ;
• Like-for-like sales remained very dynamic in Poland and in Romania.

In a first quarter marked by an unfavorable calendar effect and a very competitive environment, France showed good resilience and posted sales growth (+0.8% in total). For the fifth year in succession, food sales were up in the first quarter, with a like-for-like increase of +1.3%.

Total sales at hypermarkets were down -0.8% (-1.6% LFL) in an environment that remained highly promotional throughout the quarter. Other formats continued to perform well, with total supermarket sales up +1.1% (+2.2% LFL) and total sales in convenience and other formats continuing to be particularly solid at +5.5% (+4.4% LFL), benefiting from the growth of e-commerce and the positive momentum of ex-DIA stores converted to Carrefour banners for more than 12 months.

VARIATION OF FIRST QUARTER 2017 SALES INC. VAT

                 

Totalsalesinc. VAT(€m)

Change atcurrentexchangerates inc.petrol

 

Change atconstantexchangerates inc.petrol

  LFL inc. petrol  

LFL ex petrolex calendar

 

Organic growth ex petrol ex calendar

France   9,406 +0.8%   +0.8%   +2.1%   +0.5%   -0.6% Hypermarkets 4,848 -0.8% -0.8% -0.4% -1.6% -2.0% Supermarkets 3,053 +1.1% +1.1% +3.2% +2.2% +0.2% Convenience /other formats 1,505 +5.5% +5.5% +8.6% +4.4% +2.5%                         International   11,889 +10.9%   +3.6%   +0.6%   +2.1%   +3.9%                        

Other European countries

  5,384 +3.6%   +3.6%   +0.6%   +0.9%   +1.3% Spain 2,110 +4.3% +4.3% +0.6% +0.3% +0.8% Italy 1,328 -0.4% -0.4% +1.2% +1.6% 0.0% Belgium 1,026 -2.7% -2.7% -2.3% -1.8% -2.1%                         Latin America   4,518 +30.9%   +8.8%   +5.0%   +7.8%   +11.7% Brazil 3,666 +37.6% +7.4% +2.8% +5.6% +10.5%                         Asia   1,987 -4.1%   -5.0%   -6.7%   -4.0%   -2.3% China 1,446 -8.6% -7.0% -8.4% -5.5% -4.1%                         Group total   21,295 +6.2%   +2.3%   +1.3%   +1.4%   +1.9%  

EXPANSION UNDER BANNERS – First quarter 2017

            Thousands of sq. m.  

Dec. 31. 2016

 

Openings/Storeenlargements

  Acquisitions  

Closures/Storereductions

 

Total Q12017 change

 

March 31, 2017

France 5,719 12 7 -73 -55 5,664 Europe (ex France) 5,449 29 101 -50 80 5,529 Latin America 2,335 24 - -2 22 2,358 Asia 2,758 27 - -30 -3 2,755 Others1   920   20   -   -1   20   939 Group   17,181   112   109   -156   64   17,246  

STORE NETWORK UNDER BANNERS – First quarter 2017

              N°. of stores  

Dec. 31, 2016

  Openings   Acquisitions  

Closures/Disposals

  Transfers  

Total Q12017 change

 

March 31,2017

Hypermarkets   1,480   9   19   -7   2   23   1,503 France 243 - 2 - 1 3 246 Europe (ex France) 439 - 17 -3 1 15 454 Latin America 334 3 - - - 3 337 Asia 374 4 - -4 - - 374

Others1

  90   2   -   -   -   2   92 Supermarkets   3,212   23   -   -37   -4   -18   3,194 France 1,065 2 - -4 -3 -5 1,060 Europe (ex France) 1,777 13 - -31 -1 -19 1,758 Latin America 150 - - -1 - -1 149 Asia 38 3 - - - 3 41 Others1   182   5   -   -1   -   4   186 Convenience   7,072   123   -   -91   2   34   7,106 France 4,219 36 - -37 2 1 4,220 Europe (ex France) 2,312 77 - -52 - 25 2,337 Latin America 468 7 - -2 - 5 473 Asia 27 2 - - - 2 29 Others1   46   1   -   -   -   1   47 Cash & carry   171   -   -   -1   -   -1   170 France 143 - - -1 - -1 142 Europe (ex France) 13 - - - - - 13 Asia 2 - - - - - 2 Others1   13   -   -   -   -   -   13 Group   11,935   155   19   -136   -   38   11,973 France 5,670 38 2 -42 - -2 5,668 Europe (ex France) 4,541 90 17 -86 - 21 4,562 Latin America 952 10 - -3 - 7 959 Asia 441 9 - -4 - 5 446 Others1   331   8   -   -1   -   7   338  

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.

1Africa, Middle East and Dominican Republic.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170412006174/en/

CarrefourInvestor Relations:Mathilde Rodié, Anne-Sophie Lanaute, Louis IgonetTel : +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