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• 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 26 17