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Carrefour (Paris:CA):

STRONG SALES GROWTH IN THE FULL YEAR AND IN Q4

+3.9% IN FULL-YEAR 2014

+4.1% IN THE FOURTH QUARTER

• 2014 full-year sales: €84.0bn, organic growth of +3.9%
  • France: Organic growth of +1.2%; all formats posted growth for the second consecutive year
  • International: Organic growth of +5.9%; sales have stabilized in Europe while Brazil and Argentina posted a remarkable year
• Overall in 2014, non-food sales are in positive territory for the first time in six years while food sales accelerated their growth
• Q4 2014 sales: €22.6bn, organic growth of +4.1%
  • France: New growth in organic sales, illustrating the dynamism of our multi-format model
  • International: Acceleration of organic growth, with a +6.6% increase; clear improvement in Europe and excellent performance in Latin America
• 2014 Recurring Operating Income
  • The Group confirms that the 2014 ROI will be in line with the expected €2.38bn

Fourth quarter and full year 2014 sales inc. VAT

    Fourth quarter 2014   Full-year 2014

Sales inc. VAT (€m)

 

Organic growth ex. petrol ex. calendar

Sales inc. VAT (€m)

 

Organic growth ex. petrol ex. calendar

France 10,554   +1.0% 39,668   +1.2% International 12,066   +6.6% 44,332   +5.9% Group 22,620   +4.1% 83,999   +3.9%    

Total sales under banners including petrol in the full year 2014 stood at €100.5bn, up +3.1% at constant exchange rates. They stood at €27.0bn, up +3.9% at constant exchange rates in Q4 2014.

FULL YEAR 2014 SALES INC. VAT

France

       

Salesinc. VAT(€m)

Ex petrolEx calendar

  LFL   Organic growth France   39,668 +1.2%   +1.2% Hypermarkets 21,671 -0.1%   +0.1% Supermarkets 13,232 +1.6% +1.2% Convenience and other formats   4,765 +6.1%   +6.6%      

In 2014, France recorded organic growth of +1.2%, on an already strong comparable base of +1.3% in 2013. All formats posted organic growth for the second consecutive year.

International

       

Salesinc. VAT(€m)

Ex petrolEx calendar

  LFL   Organic growth International   44,332 +4.0%   +5.9% Other European countries 21,728 -0.2%   -0.3% Latin America 15,548 +14.3% +18.1% Asia   7,056 -5.3%   -1.8%      

Organic sales in international markets were up +5.9% in 2014. For the first time in six years, sales in Europe were broadly stable. With an increase of +18.1%, Latin America recorded very strong growth, with Brazil continuing to grow with organic sales up +11.9%. In Asia, organic sales fell by -1.8%.

2014 FOURTH QUARTER SALES INC. VAT

France

       

Salesinc. VAT(€m)

Ex petrolex calendar

  LFL   Organic growth France   10,554 +1.1%   +1.0% Hypermarkets 5,987 -0.6%   -0.7% Supermarkets 3,379 +2.6% +1.9% Convenience and other formats   1,188 +6.8%   +7.5%      

France recorded further organic sales growth in the fourth quarter of +1.0% on the back of strong comparables (+1.7%) in spite of an unusually warm autumn.

Sales at hypermarkets were down -0.7% on an organic basis and down -0.6% LFL. Food sales posted further growth, for the third consecutive year. Non-food sales were resilient.

Sales at supermarkets were up +1.9% on an organic basis. LFL sales were up +2.6% on a particularly high comparable base (+3.2%).

Organic sales in convenience and other formats confirmed their momentum with growth of +7.5%.

International

       

Salesinc. VAT(€m)

Ex petrolex calendar

  LFL   Organic growth International   12,066 +4.7%   +6.6% Other European countries 6,046 +0.5%   +0.4% Latin America 4,361 +15.7% +20.5% Asia   1,659 -6.5%   -4.7%      

Organic sales in International markets grew by +6.6% (+4.7% LFL). The calendar effect was neutral this quarter and currencies had an impact of -2.3%.

In other European countries, organic sales were up +0.4%.

On a like-for-like basis, sales were up +0.9% in Spain, on the back of a comparable base that was already positive in the fourth quarter of 2013.

Trends improved in Italy with LFL sales down -1.7%. LFL sales were up +0.4% in Belgium once again. They were also up in Poland and in Romania.

Organic sales in Latin America were up +20.5%. Currencies had an impact of -9.5% as a result of the depreciation of the Brazilian real and Argentine peso vs. the euro.

In Brazil, organic sales were up +15.9% (+10.4% LFL) on the back of already strong comparables of +6.8%. All formats recorded remarkable growth. Argentina’s organic sales were up +33.5%, of which +30.7% LFL.

Expansion in Asia continued and contributed +1.8% to sales evolution. In total, organic sales were down by -4.7% on a positive comparable base. Currencies had an impact of +7.0% in the quarter.

In China, expansion generated growth of +2.5% and organic sales fell by -5.3% in a consumption environment that remains marked by frugality. In Taiwan, organic sales were down -2.5% (-1.4% LFL).

Note: LFL and organic growth numbers are presented ex calendar and ex petrol.

Variation of 2014 full year sales

Carrefour’s sales stood at €83,999m. The currency effect was -3.3% and the impact of petrol prices was -1.0%, of which -1.4% in France. The calendar effect was neutral.

            Change at current exchange rates inc. petrol   Change at constant exchange rates inc. petrol  

LFLinc. petrol

 

LFLex calendarex petrol

France -0.1%   -0.1%   -0.2%   +1.2% Hypermarkets -1.1% -1.1% -1.3% -0.1% Supermarkets -0.2% -0.2% +0.3% +1.6%                 International -0.5%   +5.7%   +3.8%   +4.0%                 Other European countries -0.3%   -0.3%   -0.5%   -0.2% Spain -0.6% -0.6% -0.3% +0.1% Italy -1.5% -1.5% -2.9% -2.3% Belgium -0.1% -0.1% +1.6% +1.7%                 Latin America +0.1%   +17.5%   +14.1%   +14.3% Brazil +2.1% +11.5% +8.2% +8.0%                 Asia -2.4%   -1.9%   -5.5%   -5.3% China -2.1% -2.1% -6.4% -6.4%                 Group total -0.3%   +2.9%   +1.9%   +2.8%  

Variation of 2014 fourth quarter sales

Carrefour’s sales stood at €22,620m. The currency effect was -1.2% and the impact of petrol prices was -1.2%, of which -1.6% in France. The calendar effect was neutral.

            Change at current exchange rates inc. petrol   Change at constant exchange rates inc. petrol  

LFLinc. petrol

 

LFLex calendarex petrol

France -0.5%   -0.5%   -0.4%   +1.1% Hypermarkets -1.8% -1.8% -1.7% -0.6% Supermarkets +0.1% +0.1% +0.6% +2.6%                 International +4.2%   +6.5%   +4.4%   +4.7%                 Other European countries +0.9%   +1.0%   0.0%   +0.5% Spain -0.4% -0.4% 0.0% +0.9% Italy +1.9% +1.9% -2.2% -1.7% Belgium -1.4% -1.4% +0.6% +0.4%                 Latin America +9.8%   +19.3%   +15.1%   +15.7% Brazil +11.7% +14.7% +10.1% +10.4%                 Asia +2.5%   -4.5%   -6.2%   -6.5% China +2.8% -4.8% -7.3% -7.8%                 Group total +2.0%   +3.2%   +2.1%   +3.1%  

EXPANSION UNDER BANNERS – Q4 and full year 2014

In Q4 2014, Carrefour opened or acquired 267,000 gross sq. m. Net of disposals and closures, the network added 205,000 sq. m. in the quarter. Since the beginning of the year, the network has added 657,000 gross sq. m. (457,000 net sq. m.).

Thousands of sq. m  

Dec 312013

 

Sept 302014

 

Openings/Store enlargements

 

Acquisitions

  Closures/ Store reductions   Transfers  

TotalQ4 2014 change

 

Dec 312014

France   5,071   5,163   26   4   -4     26   5,189 Europe (ex France) 5,539 5,648 72 51 -18 105 5,753 Latin America 2,088 2,134 39 39 2,173 Asia 2,765 2,732 63 -38 25 2,757 Others1   712   751   12       -2       10   761 Group   16,176   16,428   212   55   -62       205   16,633

STORE NETWORK UNDER BANNERS – Q4 and full year 2014

In Q4 2014, Carrefour opened or acquired 354 stores, mainly convenience stores (230). Net of disposals or closures, the network added 252 stores in Q4 2014, bringing the total network to 10,860 stores at the end of December (+755 stores compared to 2013).

No. of stores  

Dec 312013

 

Sept 302014

  Openings   Acquisitions   Closures/Disposals   Transfers  

TotalQ4 2014 change

 

Dec 312014

Hypermarkets   1,421   1,441   21   2   -5       18   1,459 France   234   236   1         1   237 Europe (ex France) 475 484 3 2 5 489 Latin America 277 284 7 7 291 Asia 371 371 9 -5 4 375

Others1

  64   66   1               1   67 Supermarkets   2,917   3,030   56   42   -13       85   3,115 France 949 958 1 1 2 960 Europe (ex France) 1,656 1,741 48 41 -11 78 1,819 Latin America 169 169 169 Asia 17 18 1 1 19 Others1   126   144   6       -2       4   148 Convenience   5,593   5,965   227   3   -84       146   6,111 France 3,458 3,641 65 -33 32 3,673 Europe (ex France) 1,795 1,935 148 3 -51 100 2,035 Latin America 316 358 12 12 370 Others1   24   31   2               2   33 Cash & carry   174   172   3               3   175 France 138 140 3 3 143 Europe (ex France) 19 19 19 Asia 5 0 0 Autres1   12   13                       13 Group   10,105   10,608   307   47   -102       252   10,860 France 4,779 4,975 70 1 -33 38 5,013 Europe (ex France) 3,945 4,179 199 46 -62 183 4,362 Latin America 762 811 19 19 830 Asia 393 389 10 -5 5 394 Others1   226   254   9       -2       7   261

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.

CarrefourInvestor Relations:Alessandra Girolami, Matthew Mellin, +33 (0)1 41 04 28 83orShareholder Relations+33 (0)805 902 902 (toll-free in France)orGroup Communication+33 (0)1 41 04 26 17