- Q1 2014 consolidated sales: €19.8bn,
up +3.7% on an organic basis
- Europe: organic growth of +0.4%,
good performance in France and Spain
- France: new quarter of sales
growth in all formats (+1.4%)
- Other European countries:
another quarter of growth in Spain, Belgium and Romania
- Emerging markets: organic growth of
+10.5%, acceleration in Latin America
- Good performance in Brazil and
Argentina
- Sales growth in China, supported by
expansion
Regulatory News:
Carrefour (Paris:CA)
First quarter 2014 consolidated sales inc. VAT
1
In the first quarter of 2014, Carrefour’s sales faced a
significant -7.4% impact from the combination of a currency
effect (-5.3%), the lag in the Easter holidays (-1.3%)
which will take place in April this year and took place in March
last year, and a drop in petrol prices (-0.7%). Excluding
this triple impact, Carrefour’s organic sales rose by +3.7%.
By geography Sales inc. VAT €m
Changeat
currentexchangerates
Changeat
constantexchangerates
Organic growth,ex
petrolex calendar
Europe 14,266 -1.4% -1.3%
+0.4% France
9,227 -0.9% -0.9%
+1.4% Other
European countries
5,039 -2.2% -2.0%
-1.2% Emerging markets 5,520 -9.2%
+8.6%
+10.5% Group 19,786 -3.7%
+1.6%
+3.7%
Total sales under banners including petrol in Q1 2014 stood at
€23.6bn, up 1.5% at constant exchange rates.
EUROPE
First quarter 2014 sales inc. VAT
Sales inc.VAT €m
Changeat currentexchangerates
Changeat constantexchangerates
Ex petrol, ex calendar
LFL
Organicgrowth
France 9,227 -0.9%
-0.9% +1.7% +1.4%
Hypermarkets 5,005 -1.8% -1.8% +0.7% +0.7% Supermarkets
3,159 -0.6% -0.6% +1.8% +1.1% Convenience & other formats
1,063 +2.0% +2.0% +5.7%
+5.7%
Other European countries 5,039
-2.2% -2.0%
-1.4% -1.2% Total Europe
14,266 -1.4% -1.3%
+0.5% +0.4%
The calendar effect in Europe is estimated at -1.0% in the
quarter, of which -1.2% in France and -0.7% elsewhere in Europe.
The drop in petrol prices had an impact of -0.8%.
Excluding these effects, organic sales in Europe were up
by +0.4% (+0.5% LFL).
France
In France, organic sales were up by +1.4%. Sales grew
again this quarter in all formats. Petrol sales had an impact of
-1.1% on sales, essentially due to lower oil prices.
Organic and LFL sales at Hypermarkets rose by +0.7%. Food
sales grew again this quarter.
Organic sales at Supermarkets increased by +1.1% (+1.8%
LFL).
Convenience and other formats posted organic growth of
+5.7%.
Other European countries
Organic sales in Other European countries were resilient,
dropping by -1.2%.
In Spain, they rose for the second consecutive quarter,
with growth of +1.1% (+0.6% LFL). Sales were also up in
Belgium by +0.8% (+1.5% LFL). The economic environment
remains challenging in Italy where organic sales were down
by -5.6% (-5.9% LFL).
EMERGING MARKETS
First quarter 2014 sales inc. VAT
Salesinc. VAT €m
Changeat currentexchangerates
Changeat constantexchangerates
Ex petrol, ex calendar
LFL
Organicgrowth Latin America 3,428 -13.6% +12.6%
+12.7% +15.2% Asia 2,092 -1.0% +1.1%
-2.5% +2.1%
Emerging markets
5,520 -9.2% +8.6%
+7.2% +10.5%
Organic sales in Emerging markets were up by +10.5%
(+7.2% LFL).
These figures exclude the calendar effect, estimated at -2.0% in
the quarter (-2.6% in Latin America and -1.0% in Asia), the
currency effect of -17.8%, and the positive petrol impact of
0.2%.
Latin America
Organic sales in Latin America were up by +15.2%.
Currencies had a negative impact of -26.2% in the quarter due to
the depreciation of the Brazilian real and the Argentine peso.
In Brazil, growth continued in all formats. Organic sales
grew by +8.3% (+6.4% LFL), accelerating over the fourth quarter of
2013, despite a significant slowdown in commodity inflation
year-on-year. Argentina’s organic sales grew by +39.1%, of
which +36.5% LFL.
Asia
Organic sales in Asia were up by +2.1%.
In China, they were up by +2.0% (-3.1% LFL) while in
Taiwan they rose by +1.6% (-0.8% LFL).
APPENDIX
First quarter 2014 LFL sales
LFLex calendarex petrol
LFL
Europe +0.5%
-1.3%
France
+1.7% -0.7% Hypermarkets +0.7%
-1.9% Supermarkets +1.8% +0.2%
Other European countries
-1.4% -2.4% Spain
+0.6% +0.1% Italy -5.9% -7.6% Belgium +1.5% +0.5%
Emerging
markets +7.2%
+5.4%
Latin America
+12.7% +10.3% Brazil +6.4% +3.9%
Asia -2.5%
-3.5% China -3.1% -4.0%
Group total
+2.7% +0.7%
EXPANSION UNDER BANNERS – Q1 2014
In Q1 2014, Carrefour opened or acquired 117,000 gross sq. m.
Net of disposals and closures, the network added 88,000 sq. m in
the quarter.
Thousands of sq. m
Dec 312013
Openings/Storeenlargements
Acquisitions
Closures/Storereductions
Transfers Disposals Total
Q12014 change
March 312014
France 5,071 15 30 -4
41 5,112 Europe (ex France) 5,539 25 7 -17 15 5,554
Latin America 2,088 8 8 2,097 Asia 2,765 23 -8 16 2,781 Others2
712 14 -5
8 721
Group 16,176
85 37 -34
88 16,264
STORE NETWORK UNDER BANNERS – Q1 2014
In Q1 2014, Carrefour opened or acquired 208 stores. Net of
disposals and closures, the network added 123 stores in the
quarter.
No. of stores
Dec 31. 2013
Openings Acquisitions Closures
Transfers Disposals
Total Q12014 change
March 312014
Hypermarkets 1,421 8
-3 7
12 1,433 France 234 1
1 235 Europe (ex France) 475 2
-1 7 8 483 Latin America 277 1 1 278 Asia 371 4 -1 3 374
Others2
64 -1
-1 63
Supermarkets
2,917 35 18 -4
-11 38
2,955 France 949 8 8 957 Europe (ex France) 1,656 26 10 -3
-10 23 1,679 Latin America 169 169 Asia 17 1 -1 17 Others2
126 8 -1
7 133
Convenience 5,593
93 53 -78 4
72 5,665 France 3,458 43 53 -31
65 3,523 Europe (ex France) 1,795 40 -46 3 -3 1,792 Latin America
316 10 -1 9 325 Asia 0 0 Others2 24
1 1 25
Cash & carry 174 1
1
175 France 138 1 1 139 Europe (ex France) 19 19 Asia
5 5 Others2 12
12
Group
10,105 137 71
-85 123
10,228 France 4,779 45 61 -31 75 4,854 Europe (ex France)
3,945 68 10 -50 28 3,973 Latin America 762 11 -1 10 772 Asia 393 5
-2 3 396 Others2 226 8 -1
7 233
DEFINITIONS
LFL sales growth: Sales generated by stores opened for at
least twelve months, excluding temporary store closures, at
constant exchange rates.
Organic sales 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 Figures are proforma, excluding discontinued activities
2 Maghreb, Middle East and Dominican Republic.
Investor Relations:Réginald Gillet, Alessandra Girolami, Matthew
MellinTel: +33 (0)1 41 04 26 00Shareholder RelationsTel: +33 (0)805
902 902 (toll-free in France)Group CommunicationTel: +33 (0)1 41 04
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