Acceleration in sales growth to +3.1% LfL
2019 ROI expected to increase significantly to c.€2,090m
Regulatory News:
Carrefour (Paris:CA):
- Solid growth in fourth-quarter 2019 sales inc. VAT, up +3.1%
like-for-like (LfL)
- Confirmation of the return to growth in Spain (+1.2% LfL), with
a further increase in tickets
- Accelerating momentum in Brazil (+7.6% LfL), driven by
Carrefour Retail’s best like-for-like growth in 5 years (+12.7%
LfL), sales acceleration at Atacadão (+5.5% LfL) and the excellent
performance of financial services
- In France, in a declining market in Q41, marked by strikes,
Carrefour’s like-for-like sales were down -0.9% (+0.4% in food).
Hypermarket sales (-3.4% LfL) reflect the deterioration in the
consumption environment at year-end and the weight of investments
in competitiveness. Supermarkets (+2.2% LfL) and convenience (+3.2%
LfL) performed well
- Accelerating growth in full-year 2019 sales inc. VAT, at
+3.1% LfL vs +1.8% in 2018
- Growth above +25% in sales of organic products in 2019, to
€2.3bn
- Growth above +30% in food e-commerce sales in 2019, to
€1.3bn
- Full-year 2019 reported recurring operating income (ROI)2
expected at about €2,090m, i.e. an increase of c.+€145m (c.+7.4%) at
constant exchange rates and at comparable scope and accounting
standards vs 20183
- France’s 2019 ROI2 is expected to show double-digit
growth
Alexandre Bompard, Chairman and Chief Executive Officer,
declared: “The year 2019 marks an important milestone for our
group. Carrefour posted solid and profitable growth. Our
transformation plan is bearing fruit. The numerous initiatives on
the food transition, e-commerce and competitiveness are perceived
positively by our customers and confirm the relevance of our
omnichannel model. The Group is entering the next stage of the plan
with confidence, with more robust fundamentals to extend the
virtuous dynamic underway, combining customer satisfaction and
sales growth.”
FOURTH-QUARTER AND FULL-YEAR 2019 KEY FIGURES
Fourth-Quarter 2019
Full-year 2019
Sales
inc. VAT
(€m)
LfL 4
Total variation5
Sales
inc. VAT
(€m)
LfL 4
Total variation5
At current exchange rates
At constant exchange rates
At current exchange rates
At constant exchange rates
France
10,343
-0.9%
-2.4%
-2.4%
38,861
-0.1%
-2.6%
-2.6%
Europe
6,446
+0.7%
+0.1%
+0.3%
23,358
-0.1%
-0.5%
-0.2%
Latin America (pre-IAS 29)
4,491
+15.1%
+5.4%
+17.9%
16,463
+14.6%
+4.8%
+17.3%
Asia
464
+1.3%
+9.6%
+5.0%
2,054
+1.3%
+6.1%
+3.2%
Group total (pre-IAS
29)
21,743
+3.1%
+0.1%
+2.5%
80,735
+3.1%
-0.4%
+2.1%
IAS 29 6
85
(63)
Group (post-IAS 29)
21,828
80,672
Notes: (1) evolution of FMCG in value, source Nielsen; (2) 2019
ROI includes Rue du Commerce (closing of the transaction is
expected at the end of Q1 2020); (3) prior to application of the
IAS 29 and IFRS 16 accounting standards and excluding China,
full-year 2019 ROI is expected at c.€2,080m vs €1,971m in 2018; (4)
excluding petrol and calendar effects and at constant exchange
rates; (5) variations presented in relation to 2018 sales restated
for IFRS 5; (6) hyperinflation and currency effect in Argentina
RAPID EXECUTION OF THE CARREFOUR 2022 PLAN IS BEARING
FRUIT
Leader in the food transition for
all
Carrefour has established itself as a leader in the food
transition for all, thanks to the multiplication of concrete
actions. Sales of organic products grew by more than +25% both in
full-year 2019 and in Q4, reaching €2.3bn in 2019 (€1.8bn in
2018)
- After signing agreements on beef and milk in Q4 2019, Carrefour
made a commitment in partnership with Herta in January to support
the French pork sector by raising pork prices. The Group reaffirms
its commitment to local SMEs and VSEs with the signing of more than
1,000 new multi-year agreements
- Blockchain technology benefited 28 products (+6 in Q4) from
Carrefour Quality Lines (FQC) or national brands
- Carrefour achieved one year ahead of schedule its goal of
supporting farmers, breeders and winegrowers in their conversion to
organic production, with more than 540 support contracts signed in
France since the start of 2018 (+330 in 2019, of which nearly +100
in Q4)
- More than 2,300 Carrefour-branded products have been
reformulated since the start of the plan to improve their
quality
- In Q4, glutamate was included in the list of controversial
substances withdrawn from all Carrefour-branded products
- Greenweez acquired Sorgente Natura in Italy in October
2019
- Carrefour is gaining market share in the organic segment and
consolidating its market leadership in France
- Carrefour obtained the maximum score of “A” on the 2019 CDP
(Carbon Disclosure Project) questionnaire on climate change (“A-”
in 2018)
Priority to customer satisfaction to
support a sustainable and profitable growth model
The progression in Net Promoter Score® (NPS®) in all
countries reflects the priority given by Carrefour to customer
satisfaction. This progression over time clearly contributes to the
improvement in LfL sales in most of the Group's geographies
- The Group’s NPS® improved by 8 points since the launch
of the plan
- This increase is particularly notable in Brazil, Argentina,
Poland, Romania and Taiwan, countries which recorded a clear
acceleration in LfL growth
- In Spain, the recent improvement contributed to a return to LfL
growth starting in Q3
- In France, Belgium and Italy, tangible signs of improvement are
visible
Carrefour has now reached a satisfactory level of price
competitiveness in several key regions, notably in Latin
America and Spain. The Group also continues to invest:
- In France, Carrefour has reoriented its commercial equation and
improved its price positioning:
- Repositioning on permanent prices: “Unbeatable” prices on more
than 500 key Fast-Moving Consumer Goods (FMCG) since June 2019
- Strengthening of loyalty schemes with the new “Market Loyalty
Rewards” launched in January 2020 in supermarkets (10% discount
every day on fresh products, 15% for Pass cardholders)
- Reduced promotional intensity in all formats
- In Belgium, Carrefour has invested in prices in all formats,
with price cuts launched in November 2019 on 1,000 products, both
for national brands and Carrefour-branded products
- In Italy, Carrefour extended to the whole country in September
2019 the "Prezzo ribassato" permanent price reduction campaign
(5,000 products)
- These initiatives are accompanied by significant investments in
non-price competitiveness in order to improve the product offer
(broadening the range and strengthening the quality of
Carrefour-branded products) and deploy a best-in-class omnichannel
service
Carrefour has thoroughly revamped its offer to assert its
food expertise
- Assortments reduced by 10.1% at end-December 2019 vs the end of
2017, enabling improved readability of the offer and simplification
of logistics
- Segmentation of Carrefour-branded food products offering:
"Classic'" (best value for money), "Extra" (pleasure products),
"The Market" (fresh products), "Original" (traditional recipes) and
"Sensations" (desire for novelty)
- Two-point gain in the penetration rate of Carrefour-branded
products in France in 2019
- Development of the catering and snacking offer, notably with
partners (Hirota Food in Brazil, Fresh Avenue areas in France)
The hypermarket format posts good performance in some key
geographies. It is adapting and benefits from new investments in
France
- Strong contribution from hypermarkets to the improvement of LfL
growth in 2019 in Brazil, Spain and Poland
- Reduction of nearly 115,000 sq. m of under-productive sales
areas across the Group at end-December 2019, reallocated to spaces
dedicated to the preparation of e-commerce orders, outlets or the
adjacent shopping mall
- Continued adaptation of the non-food offer in France, with a
strengthened seasonal offer, the discontinuation of certain
unprofitable categories and the roll-out of outlets and
shop-in-shops
- 3 new outlets in Q4 (22 at end-December 2019)
- Announcement in November of the strengthening of the
partnership with Fnac Darty to deploy around 30 Darty shop-in-shops
in hypermarkets in France
- Roll-out of specialist areas in French hypermarkets, notably
with:
- 12 new Bio Expérience organic product areas in Q4 (48 at
end-December)
- 2 new Beauté Plurielle beauty areas in Q4 (6 at
end-December)
- 23 new pet areas in Q4 (33 at end-December)
Strong investments in digital are again reflected in an
increase of more than +30% in food e-commerce sales in Q4 2019.
It reached €1.3bn in 2019, compared to €1.0bn in 2018 (excluding
China). In France, Carrefour’s growth is close to four times that
of the market
- Leader in pedestrian Drives with 134 pick-up points in
France
- 1,696 Drives across the Group, of which 1,110 in France
- Favorable results of rapid delivery partnerships with Rappi in
Brazil and with Glovo in France, Spain, Italy and Argentina; new
partnerships with Food Panda and Uber Eats in Taiwan and Allegro in
Poland in Q4
- Acquisition of a majority stake in Dejbox, a pioneer in the
delivery of lunches to companies, extending Carrefour's food
e-commerce offer to new services and customers
- Acquisition of a majority stake in Potager City, online leader
of the short distribution circuit of extra fresh and seasonal
fruits and vegetables
- Acquisition by Carrefour Brazil of 49% of Ewally, a Brazilian
fintech, enabling a broader offer of payment solutions and digital
services
With 1,042 new convenience stores and 40 new Atacadão stores
since the start of the plan, Carrefour is strengthening its
position in innovative and growth formats
- Opening of 206 new convenience stores in Q4
- Change of scale in convenience in Italy, after the signing of
an agreement with 2 master franchisees (546 stores) and the
acquisition from Conad of 28 stores, whose integration is planned
for Q1 2020
- Switch to the Carrefour banner, in H1 2020, of 19 convenience
stores from competing chains in France
- Opening of 8 new Supeco stores in Q4 (1 in Poland, 1 in France
and 6 in Romania), bringing the total to 54 stores
- Inauguration of 8 Atacadão stores in Brazil in Q4, or 20 in the
full year
- Conversion of 2 hypermarkets to Maxi in Argentina in Q4,
bringing the total to 38
Operational efficiency
Carrefour continued the profound transformation and
simplification of organizations
- In France, finalization of the implementation of the Collective
Contractual Severance (RCC) agreement in hypermarkets, with nearly
3,000 applications approved
- In Italy, 590 departures completed within the framework of the
head office and hypermarkets headcount reduction plan
- To support the change in corporate culture, Carrefour has
introduced E-NPS (Employees - Net Promoter Score®), an indicator of
employee engagement measured several times a year across the Group.
The conclusions make it possible to adapt the implementation of the
Act For Change program
The powerful cost reduction dynamic continues across all
geographies
- Carrefour continues to record the benefits of purchasing
partnerships in France and internationally:
- In France, purchasing gains of Envergure (Système U) are
increasing. Prior to the next annual negotiations, the work
accomplished has made it possible to structure the approach and
relationships with suppliers
- With Tesco, partnerships in product categories with the highest
potential for Carrefour are gradually gaining momentum (24 global
agreements with international brands)
- As part of the industrial approach for purchasing of goods not
for resale, Carrefour made progress this quarter in new categories
such as IT & telecoms and security & cleaning services
Financial discipline
Carrefour further strengthened its balance sheet in 2019,
whose solidity is a major asset in the context of the fast-changing
food retail sector
- Free cash flow has become a key criterion to evaluate the
Group's performance and remuneration policy
- Disposals of 80% of Carrefour China and of Carrefour’s stake in
Cargo Property Assets
- Dynamic management of the balance sheet, aimed at optimizing
financing costs and the financial structure:
- Redemption in November 2019 of bonds for a nominal amount of
€327m, including €198m of 2020 bonds and €129m of 2021 bonds
- As of December 31, 2019, the Group was rated Baa1 negative
outlook by Moody’s and BBB stable outlook by Standard &
Poor’s
RATIONALIZATION OF THE BUSINESS PORTFOLIO
Following the divestments of Dia France and Carrefour China,
the sale of Rue du Commerce marks a significant step forward in the
rationalization of the portfolio and the exit from loss-making
activities
- Finalization on September 26, 2019 of the sale in cash of 80%
of Carrefour China to Chinese group Suning.com, in an
agreement that provides liquidity windows for the sale of the
remaining 20% stake
- Finalization on October 15, 2019 of the sale of Carrefour’s
stake in Cargo Property Assets to Argan, in exchange for
€231m in cash and a stake of around 5% in Argan. Sale by Carrefour
in December of 1,110,598 Argan ordinary shares for a total amount
of approximately €79.7m
- Announced sale of Rue du Commerce to Shopinvest on
November 8, 2019, as part of Carrefour's refocusing on food.
Operation subject to the usual conditions precedent; closing
expected at the end of the first quarter of 2020
FOURTH QUARTER 2019 SALES INC. VAT
On a like-for-like basis (LfL), fourth-quarter gross sales
grew by +3.1%. Group sales inc. VAT amounted to €21,743m
pre-IAS 29, an increase of +2.5% at constant exchange rates. After
taking into account an unfavorable exchange rate effect of -2.4%,
mainly due to the depreciation of the Argentine Peso, the total
variation in sales at current exchange rates was +0.1%. The impact
of the application of IAS 29 was +€85m.
On a like-for-like basis (LfL), full-year gross sales grew by
+3.1%. Group sales inc. VAT amounted to €80,735m pre-IAS 29, an
increase of +2.1% at constant exchange rates. After taking into
account an unfavorable -2.4% exchange rate effect, the total
variation in sales at current exchange rates is -0.4%. The impact
of the application of IAS 29 was -€63m.
In France, the FMCG market was negative in Q4 (source:
Nielsen), impacted by strikes in December, despite the comparable
base marked by the start of the Yellow vests movement in November
2018. In this context, Q4 2019 sales were down -0.9% LfL (+0.4% LfL
in food and -7.7% LfL in non-food):
- Hypermarket sales (-3.4% LfL) were
particularly impacted by the context of the December strikes and
the effect on festive products of the new legislation on food (EGA
law). Additionally, they reflected the initiatives to regain
competitiveness, including:
- Investments in permanent prices (“Unbeatable”)
- The development of Carrefour-branded products, whose price is
lower than that of national brands
- The reduction of under-productive non-food areas and the
discontinuation of certain categories
- Momentum remained solid in the supermarket format (+2.2% LfL). This performance
was good in a context of a reduction in promotional intensity
during the “Market month” in November and the higher penetration of
Carrefour-branded products
- In convenience and other formats (+1.1% LfL), good momentum in
proximity stores continued (+3.2%
LfL), while Rue du Commerce decreased. Carrefour’s convenience
format confirmed its attractiveness with 102 openings in Q4
- In addition, Carrefour continued to post strong growth and
outperform the market in organic products and food e-commerce
In Europe (+0.7% LfL), Carrefour posted another
sequential LfL improvement in Q4, with the highest growth rate
since the announcement of the Carrefour 2022 plan:
- In Spain (+1.2% LfL), the return to growth was
confirmed, with constant focus on customers and on operational
execution:
- The increase in the number of tickets continued with a gain of
+1 million in Q4 after a gain of +700,000 in Q3
- Momentum remained strong in all formats, including in food
e-commerce
- All initiatives to promote fresh, Carrefour-branded or organic
products bore fruit
- In Italy (-2.2% LfL), in a market that remains
competitive and in decline (source: Nielsen), Carrefour is
continuing to implement the transformation plan:
- Price investments (5,000 products since September), development
of convenience format , sales area reduction in hypermarkets and
simplification of the organization
- In Belgium (-1.1% LfL), Carrefour remained penalized by
a declining FMCG market in Q4 (source: Nielsen)
- Food transition initiatives, notably the development of
organic, local and Carrefour-branded products, continued to show
good results. The Group has significantly invested in prices (1,000
products) since November
- In Poland (+4.7% LfL), growth momentum confirmed the
relevance of the business model and initiatives in favor of
customer satisfaction
- In Romania (+4.5% LfL), growth continued, supported in
particular by the success of the Supeco format
Growth accelerated in Latin America (+15.1% LfL) in
Q4:
- In Brazil, Q4 sales were up +11.5% at constant exchange
rates, with like-for-like growth of +7.6% and a contribution from
openings of +4.3%. Food-at-home inflation reached 4.7% in Q4 vs
4.3% in Q3
- Carrefour Retail once again posted
its best quarterly performance in 5 years (+12.7% LfL), benefiting
in particular from the price repositioning in hypermarkets and the
assortment review initiated in 2018. This dynamic also reflects the
solid performance of convenience formats and strong growth in
e-commerce and non-food
- Like-for-like growth at Atacadão
reached +5.5% in Q4. Sales were up +10.8% at constant exchange
rates, with a contribution from openings of +6.0%. Atacadão
continued to expand, opening 20 new stores in 2019, including 8 in
Q4, bringing the total to 186
- Financial services posted a
further significant increase in billings (+28.9% in Q4), again
driven by the success of the operation to waive the monthly card
fees for its users
- In Argentina (+57.4% LfL), good commercial momentum
continued, with traffic and volumes increasing again. During the
quarter, marked by an unstable political and macroeconomic
environment, Carrefour benefited from its good commercial
positioning and its proximity to customers
The Asia zone corresponds to Carrefour Taiwan, given the
disposal of Carrefour’s China activities. Sales in Taiwan in
Q4 2019 grew by +5.0% at constant exchange rates and by +1.3% LfL.
Openings had a +3.7% effect with the integration of 8 Taisuco
stores this year, including 5 in Q4.
REPORTED 2019 RECURRING OPERATING INCOME EXPECTED AT
c.€2,090m
The Group's 2019 reported ROI1
is expected to be around €2,090m (unaudited estimated data) with an
unfavorable currency effect estimated at c.€35m.
Thus, 2019 full-year ROI1
pre-IAS 29 and pre-IFRS 16 is expected at around €2,080m, up by
almost c.+€145m at constant exchange rates (c.+7.4%) compared to
2018 ROI restated for IFRS 5 (excluding China) and pre-IAS 29
(€1,971m).
France’s 2019 ROI1 is expected
to show double-digit growth.
Note: (1) 2019 ROI includes Rue du Commerce (closing of the
transaction is expected at the end of Q1 2020)
OUTLOOK CONFIRMED
Carrefour reaffirms its ambitions and confirms the financial
targets of the Carrefour 2022 plan:
- A cost-reduction plan of €2.6bn on an annual basis by 2020
- €4.2bn in food e-commerce sales in 2022
- €4.8bn in sales of organic products in 2022
- The objective of disposing of non-strategic real estate assets
for €500m by 2020 was achieved in October 2019
Operational targets are also confirmed:
- Reduction of 350,000 sq. m of hypermarket sales area worldwide
by 2022
- -15% reduction in assortments by 2020
- Carrefour-branded products accounting for one-third of sales in
2022
- 2,700 convenience store openings by 2022
FIRST-HALF 2020 AGENDA
- Full-year 2019 results: February 27, 2020
- First-quarter 2020 sales: April 28, 2020
- General Shareholders’ Meeting: May 29, 2020
APPENDIX
Application of IAS 29 - Accounting treatment of
hyperinflation for Argentina as from July 1st, 2018, effective
January 1st, 2018
The impact on 2019 Group Sales is presented in the table
below:
Sales incl. VAT (€m)
2018(1)
LfL(2)
Calendar
Openings
Scope and others(3)
Petrol
2019 at constant rates
Forex
2019 at current rates
IAS 29(4)
2019 at current rates post-IAS
29
Q1
19,378
+3.2%
-1.7%
+1.3%
-0.8%
-1.1%
+0.9%
-3.7%
18,819
(29)
18,789
Q2
19,866
+3.9%
+1.0%
+1.2%
-0.8%
-1.7%
+3.4%
-2.8%
19,974
87
20,061
Q3
20,055
+2.3%
+0.5%
+1.1%
-0.9%
-1.4%
+1.5%
-0.8%
20,199
(204)
19,996
Q4
21,721
+3.1%
+0.0%
+1.1%
-1.0%
-0.6%
+2.5%
-2.4%
21,743
85
21,828
Full-Year
81,020
+3.1%
-0.0%
+1.2%
-0.9%
-1.2%
+2.1%
-2.4%
80,735
(63)
80,672
Notes: (1) restated for IFRS 5; (2) excluding petrol and
calendar effects and at constant exchange rates; (3) including
transfers; (4) hyperinflation and currencies
FOURTH-QUARTER 2019 SALES INC. VAT
The Group's sales amounted to €21,743m pre-IAS 29. Foreign
exchange had an unfavorable impact in the fourth quarter of -2.4%,
largely due to the depreciation of the Argentine Peso. Petrol had
an unfavorable impact of -0.6%. The calendar effect was neutral.
The effect of openings was a favorable +1.1%. The impact of the
application of IAS 29 was +€85m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LfL
Organic
at current exchange
rates
at constant exchange
rates
France
10,343
-0.9%
-2.4%
-2.4%
-2.4%
Hypermarkets
5,472
-3.4%
-4.0%
-4.5%
-4.5%
Supermarkets
3,336
+2.2%
-1.3%
+0.0%
+0.0%
Convenience /other formats
1,534
+1.1%
+0.9%
+0.1%
+0.1%
Other European
countries
6,446
+0.7%
+0.4%
+0.1%
+0.3%
Spain
2,732
+1.2%
+0.9%
+1.2%
+1.2%
Italy
1,320
-2.2%
-4.1%
-3.6%
-3.6%
Belgium
1,122
-1.1%
-1.3%
-2.4%
-2.4%
Poland
638
+4.7%
+4.5%
+3.8%
+3.4%
Romania
633
+4.5%
+7.3%
+4.7%
+7.2%
Latin America (pre-IAS
29)
4,491
+15.1%
+18.1%
+5.4%
+17.9%
Brazil
3,871
+7.6%
+11.4%
+6.3%
+11.5%
Argentina (pre-IAS 29)
620
+57.4%
+55.6%
+0.2%
+55.6%
Asia
464
+1.3%
+4.7%
+9.6%
+5.0%
Taiwan
464
+1.3%
+4.7%
+9.6%
+5.0%
Group total (pre-IAS
29)
21,743
+3.1%
+2.9%
+0.1%
+2.5%
IAS 29(1)
85
Group total (post-IAS
29)
21,828
Variations ex calendar and ex petrol are presented in relation
to the restated 2018 sales restated for IFRS 5.
Note: (1) hyperinflation and currencies
FULL-YEAR 2019 SALES INC. VAT
The Group's sales amounted to €80,735m pre-IAS 29. Foreign
exchange had an unfavorable impact of -2.4%, largely due to the
depreciation of the Argentine Peso and the Brazilian Real. Petrol
had an unfavorable -1.2% impact. The calendar effect was neutral.
The effect of openings was a favorable +1.2%. The impact of the
application of IAS 29 was -€63m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LfL
Organic
at current exchange
rates
at constant exchange
rates
France
38,861
-0.1%
-1.4%
-2.6%
-2.6%
Hypermarkets
20,021
-2.1%
-2.6%
-3.6%
-3.6%
Supermarkets
12,818
+1.9%
-0.9%
-1.5%
-1.5%
Convenience /other formats
6,022
+2.2%
+2.0%
-1.7%
-1.7%
Other European countries
23,358
-0.1%
-0.4%
-0.5%
-0.2%
Spain
9,723
+0.1%
-0.0%
+0.4%
+0.4%
Italy
5,049
-2.6%
-4.3%
-4.1%
-4.1%
Belgium
4,152
-1.5%
-2.8%
-2.9%
-2.9%
Poland
2,189
+4.9%
+4.6%
+3.6%
+4.4%
Romania
2,246
+3.6%
+7.5%
+5.3%
+7.5%
Latin America (pre-IAS 29)
16,463
+14.6%
+18.1%
+4.8%
+17.3%
Brazil
14,084
+6.5%
+11.0%
+7.5%
+10.4%
Argentina (pre-IAS 29)
2,379
+54.4%
+52.2%
-9.1%
+52.3%
Asia
2,054
+1.3%
+3.1%
+6.1%
+3.2%
Taiwan
2,054
+1.3%
+3.1%
+6.1%
+3.2%
Group total (pre-IAS 29)
80,735
+3.1%
+3.1%
-0.4%
+2.1%
IAS 29(1)
(63)
Group total (post-IAS 29)
80,672
Variations ex calendar and ex petrol are presented in relation
to the restated 2018 sales restated for IFRS 5.
Note: (1) hyperinflation and currencies
EXPANSION UNDER BANNERS – FOURTH-QUARTER 2019
Thousands of sq. m
Dec 31. 2018
Sept. 30, 2019
Openings/ Store
enlargements
Acquisitions
Closures/ Store
reductions
Total Q4 2019 change
Dec. 31, 2019
France
5,546
5,465
29
-
-20
9
5,475
Europe (ex France)
5,598
5,552
63
-
-19
44
5,596
Latin America
2,510
2,568
48
-
-
48
2,616
Asia
980
1,027
50
-
-28
23
1,050
Others1
1,223
1,322
60
-
-2
57
1,379
Group
15,858
15,934
250
-
-69
181
16,116
STORE NETWORK UNDER BANNERS – FOURTH-QUARTER 2019
N° of stores
Dec. 31 2018
Sept. 30, 2019
Openings
Acquisitions
Closures/ Disposals
Transfers
Total Q4 2019 change
Dec. 31, 2019
Hypermarkets
1,172
1,195
21
-
-9
-
+12
1,207
France
247
248
-
-
-
-
-
248
Europe (ex France)
452
452
3
-
-
-
+3
455
Latin America
189
188
-
-
-
-
-
188
Asia
160
171
11
-
-7
-
+4
175
Others1
124
136
7
-
-2
-
+5
141
Supermarkets
3,319
3,366
67
-
-22
+1
+46
3,412
France
1,056
1,068
3
-
-1
+1
+3
1,071
Europe (ex France)
1,776
1,775
36
-
-13
-
+23
1,798
Latin America
147
149
1
-
-
-
+1
150
Asia
73
81
2
-
-6
-
-4
77
Others1
267
293
25
-
-2
-
+23
316
Convenience stores
7,002
7,107
206
-
-119
-1
+86
7,193
France
3,918
3,927
102
-
-69
-1
+32
3,959
Europe (ex France)
2,511
2,599
93
-
-46
-
+47
2,646
Latin America
516
522
8
-
-
-
+8
530
Asia
2
3
-
-
-3
-
-3
-
Others1
55
56
3
-
-1
-
+2
58
Cash & carry
379
399
15
-
-1
-
+14
413
France
144
145
1
-
-
-
+1
146
Europe (ex France)
49
55
6
-
-1
-
+5
60
Latin America
173
185
8
-
-
-
+8
193
Asia
-
-
-
-
-
-
-
-
Others1
13
14
-
-
-
-
-
14
Group
11,872
12,067
309
-
-151
-
+158
12,225
France
5,365
5,388
106
-
-70
-
+36
5,424
Europe (ex France)
4,788
4,881
138
-
-60
-
+78
4,959
Latin America
1,025
1,044
17
-
-
-
+17
1,061
Asia
235
255
13
-
-16
-
-3
252
Others1
459
499
35
-
-5
-
+30
529
DEFINITIONS
Like for like sales growth (LfL)
Sales generated by stores opened for at least twelve months,
excluding temporary store closures, at constant exchange rates,
excluding petrol and calendar effects and excluding IAS 29
impact.
Organic sales growth
Like for like sales growth plus net openings over the past
twelve months, including temporary store closures, at constant
exchange rates.
Recurring Operating Income (ROI)
Recurring Operating Income is defined as the difference between
gross margin and sales, general and administrative expenses,
depreciation and amortization and provisions.
DISCLAIMER
This press release contains both historical and forward-looking
statements. These forward-looking statements are based on Carrefour
management's current views and assumptions. Such statements are not
guarantees of future performance of the Group. Actual results or
performances may differ materially from those in such forward
looking statements as a result of a number of risks and
uncertainties, including but not limited to the risks described in
the documents filed with the Autorité des Marchés Financiers as
part of the regulated information disclosure requirements and
available on Carrefour's website (www.carrefour.com), and in
particular the Annual Report (Document de Référence). These
documents are also available in English on the company's website.
Investors may obtain a copy of these documents from Carrefour free
of charge. Carrefour does not assume any obligation to update or
revise any of these forward-looking statements in the future.
® Net Promoter, Net Promoter System, Net Promoter Score, NPS and
the NPS-related emoticons are registered trademarks of Bain &
Company, Inc., Fred Reichheld and Satmetrix Systems, Inc
----------
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Investor Relations Selma Bekhechi, Anthony Guglielmo and
Antoine Parison Tel: +33 (0)1 64 50 79 81
Shareholder Relations Tel: 0 805 902 902 (toll-free in
France)
Group Communication Tel: +33 (0)1 58 47 88 80
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