Regulatory News:
Carrefour (Paris:CA):
- Second quarter 2014 consolidated
sales: €20.5bn, a strong +4.9% increase on an organic
basis
- Europe : good performance, with
organic growth of +1.9%
- France: another quarter of sales
growth in all formats (+2.4%)
- Other European countries:
organic sales growth of +1.1%
- Emerging markets: solid
organic growth of +12.1%
- Excellent performance in Brazil and
Argentina
- Continued expansion in China amid an
unchanged consumption environment
Second quarter 2014 consolidated sales inc. VAT
The Group’s organic growth reached +4.9%. Carrefour’s sales
stood at €20,517m. They were impacted by the combination of a
currency effect (-4.9%), a drop in petrol prices (-1.0%) and by the
later Easter holidays (+1.2%).
Sales inc.
VAT(€m)
Change at current exchange
rates
Change at constant exchange
rates
Organic growth,ex
petrolex calendar
Europe 15,178 +1.9% +1.9%
+1.9% France
9,847 +2.0% +2.0%
+2.4% Other
European countries
5,331 +1.8% +1.8%
+1.1% Emerging markets 5,338 -4.0%
+13.8%
+12.1% Group 20,517 +0.3%
+5.2%
+4.9%
Total sales under banners including petrol in Q2 2014 stood at
€24.6bn, up +5.1% at constant exchange rates.
EUROPE
Second quarter 2014 sales inc. VAT
Salesinc. VAT(€m)
Change at current exchange rates Change
at constant exchange rates Ex petrol, ex
calendar LFL
Organic growth France 9,847
+2.0% +2.0% +2.1%
+2.4% Hypermarkets 5,270 +0.7% +0.7% +0.4% +0.9%
Supermarkets 3,353 +2.4% +2.4% +3.3% +3.0% Convenience and other
formats 1,223 +6.8% +6.8% +7.2%
+7.4%
Other European countries 5,331
+1.8% +1.8% +1.5%
+1.1% Total Europe 15,178
+1.9% +1.9% +1.9%
+1.9%
Organic sales in Europe were up by +1.9% excluding the
estimated calendar impact of +0.9% and the drop in petrol prices
(-1.0%).
France
In France, organic sales growth continued in all formats.
The drop in petrol prices at the pump had an impact of 1.4%.
Sales at hypermarkets were up by +0.9% organically and up
+0.4% on a like-for-like basis. Food sales continued to grow.
Non-food sales were nearly flat.
Sales at supermarkets were up by +3.0% organically (+3.3%
on a like-for-like basis). Organic sales in convenience and
other formats were up by +7.4%.
Other European countries
Organic sales were up by +1.1%. On a like-for-like basis, they
were up by +1.5%: +0.1% in Spain, +3.8% in Belgium
and +2.9% in Italy, which benefited from a promotional
campaign linked to the soccer world cup.
EMERGING MARKETS
Second quarter 2014 sales inc. VAT
Sales inc. VAT(€m)
Change at current exchange rates
Change at constant exchange rates Ex
petrol, ex calendar LFL
Organic growth Latin America 3,793 -2.3% +20.7%
+15.2% +18.4% Asia 1,545 -7.7% -2.0%
-6.1% -2.0%
Emerging markets
5,338 -4.0% +13.8%
+8.4% +12.1%
Organic sales in Emerging markets rose by +12.1% (+8.4%
LFL) excluding the estimated calendar impact of 2.0% and currency
impact of -17.8%.
Latin America
Organic sales in Latin America were up by +18.4%.
Currencies had an impact of -23.0% due to the depreciation of the
Brazilian real and the Argentine peso.
In Brazil, organic sales were up by +10.0% (+7.2% LFL),
in spite of a strong comparable base. Organic sales in
Argentina increased by +44.9%, of which +42.4% LFL.
Asia
Expansion in Asia continued and contributed +4.1% to
sales evolution amid an unchanged consumption environment in China.
In total, organic sales were down by 2.0% on a challenging
comparable base. Currencies had an impact of -5.7% in the
quarter.
In China, expansion generated growth of +4.9% and organic
sales fell by 2.4%. In Taiwan, organic sales dropped by 0.7%
(-1.6% LFL).
Note: LFL and organic growth numbers are presented ex
calendar and ex petrol.
APPENDIX
First half 2014 consolidated sales inc. VAT
Sales inc.
VAT (€m) Change at current exchange rates
Change at constant exchange rates Organic
growth, ex petrol ex calendar
Europe 29,444 +0.3% +0.3%
+1.2%
France
19,074 +0.6% +0.6%
+1.9% Other European
countries
10,371 -0.2% -0.1%
-0.1%
Emerging markets 10,858 -6.7% +11.1%
+11.2% Group 40,302 -1.7% +3.4%
+4.3%
Total sales under banners including petrol 2014 stood at
€48.1bn, up +3.3% at constant exchange rates.
LFL sales in Q2 and H1 2014
Q2
2014
H1
2014
LFL ex petrol ex calendar
LFL LFL ex petrol ex calendar
LFL Europe +1.9%
+1.9% +1.2% +0.3%
France
+2.1% +1.8% +1.9%
+0.6% Hypermarkets +0.4% +0.4% +0.5% -0.7%
Supermarkets +3.3% +2.6% +2.6% +1.5%
Other European countries
+1.5% +2.0% +0.1%
-0.1% Spain +0.1% +0.4% +0.3% +0.3% Italy +2.9% +3.2% -1.5%
-2.2% Belgium +3.8% +5.0% +2.7% +2.8%
Emerging markets
+8.4% +10.5% +7.7%
+7.8%
Latin America +15.2%
+17.8% +13.9% +14.0% Brazil
+7.2% +11.0% +6.8% +7.4%
Asia -6.1%
-6.1% -4.1% -4.7% China -7.3%
-7.2% -4.9% -5.4%
Group total +3.9%
+4.3% +3.3% +2.5%
EXPANSION UNDER BANNERS – Q2 2014
In Q2 2014, Carrefour opened or acquired 149,000 gross sq. m.
Net of disposals and closures, the network added 114,000 sq. m in
the quarter. Since the beginning of the year, the network has added
271,000 gross sq. m (202,000 net sq. m).
Thousands of sq. m
Dec 312013 March
31 2014 Openings/Store enlargements
Acquisitions Closures/ Store reductions
Transfers Total Q2 2014 change
June 30 2014 France 5,071 5,112
27 16 -2 41 5,153 Europe
(ex France) 5,539 5,554 72 -24 48 5,602 Latin America 2,088 2,097
21 -1 20 2,117 Asia 2,765 2,781 1 -6 -5 2,776 Others1 712
721 12 -2
10 730
Group 16,176
16,264 133 16 -35
114 16,378
STORE NETWORK UNDER BANNERS – Q2 2014
In Q2 2014, Carrefour opened or acquired 286 stores, mainly
convenience stores (259). Net of disposals and closures, the
network added 184 stores in Q2 2014, bringing the total network to
10,412 stores at the end of June.
No. of stores
Dec 312013
March 31 2014 Openings
Acquisitions Closures Transfers
TotalQ2 2014 change
June 30 2014 Hypermarkets 1,421
1,433 6 -1
5 1,438 France 234
235 1 1 236 Europe
(ex France) 475 483 1 1 484 Latin America 277 278 3 3 281 Asia 371
374 -1 -1 373
Others1
64 63 1
1 64
Supermarkets 2,917
2,955 20
-12 -9 -1 2,954
France 949 957 1 1 958 Europe (ex France) 1,656 1 679 11 -12 -9 -10
1 669 Latin America 169 169 0 169 Asia 17 17 1 1 18 Others1
126 133 7
7 140
Convenience 5,593
5,665 184 75 -89
9 179 5,844 France 3,458
3,523 44 75 -18 101 3,624 Europe (ex France) 1,795 1,792 124 -70 9
63 1,855 Latin America 316 325 15 15 340 Others1 24
25 1 -1 0
25
Cash & carry 174 175
1
1 176 France 138 139 1 1 140 Europe (ex
France) 19 19 0 19 Asia 5 5 0 5 Others1 12 12
0 12
Group 10,105 10,228
211 75 -102
184 10,412 France 4,779 4,854 47 75 -18 104 4
958 Europe (ex France) 3,945 3,973 136 -82 54 4 027 Latin America
762 772 18 18 790 Asia 393 396 1 -1 0 396 Others1 226
233 9 -1 8
241
1 Maghreb, Middle East and Dominican Republic.
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.
Investor Relations:CarrefourRéginald Gillet, Alessandra
Girolami, Matthew Mellin, +33 (0)1 41 04 26 00orShareholder
Relations+33 (0)805 902 902 (toll-free in France)orGroup
Communication+33 (0)1 41 04 26 17
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