CA Xtrackers California Municipal Bonds ETF

+2.8% In the Third Quarter 2014

+3.8% In the First Nine Months of 2014

Regulatory News:

Carrefour (Paris:CA):

• Q3 2014 sales: €21.1bn, up +2.8%
  • France : Further sales growth
  • International : Strong organic growth of +5.0%, excellent performance in Brazil and Argentina
• Nine-month 2014 sales: €61.4bn, a strong +3.8% increase
  • France : Sales up +1.3%, growth in all formats
  • International : Strong organic growth of +5.7%

Third quarter 2014 consolidated sales inc. VAT

The Group’s organic growth reached +2.8%. Carrefour’s sales stood at €21,077m. The currency effect was -1.9% and the impact of petrol prices was -1.0%. The calendar effect is neutral this quarter (-0.1%).

   

Salesinc. VAT(€m)

 

Changeat currentexchangerates

 

Changeat constantexchangerates

 

Organic growthex petrolex calendar

    France 10,040 -1.1% -1.1% +0.2% International   11,037 +0.8%   +4.4% +5.0% Group   21,077 -0.1%   +1.8% +2.8%

Total sales under banners including petrol in Q3 2014 stood at €25.4bn, up +2.1% at constant exchange rates.

Nine-month 2014 consolidated sales inc. VAT

   

Salesinc. VAT(€m)

 

Changeat currentexchangerates

 

Changeat constantexchangerates

 

Organic growthex petrolex calendar

    France 29,114 +0.0% +0.0% +1.3% International   32,265 -2.2%   +5.4% +5.7% Group   61,379 -1.2%   +2.8% +3.8%

Total sales under banners including petrol for the first nine months of 2014 stood at €73.6bn, up +2.9% at constant exchange rates.

FRANCE

Third quarter 2014 sales inc. VAT

   

Salesinc. VAT(€m)

 

Changeat currentexchangerates

 

Changeat constantexchangerates

  Ex petrol, ex calendar         LFL  

Organicgrowth

France   10,040   -1.1%   -1.1%   -0.2%   +0.2% Hypermarkets 5,409 -1.6% -1.6% -0.7%   -0.2% Supermarkets 3,340 -2.4% -2.4% -1.2% -1.1% Convenience and other formats   1,291   +4.3%   +4.3%   +4.1%   +5.1%

France

France recorded further organic sales growth this quarter on the back of strong comparables (+2.0%) in spite of unusually heavy rainfall in July and August and a significant cyclical decrease in fruit and vegetable prices.

The drop in petrol prices at the pump had an impact of -1.5%.

Sales at hypermarkets were down -0.2% on an organic basis and down -0.7% LFL. Dry grocery products posted further growth. Non-food sales were resilient.

Sales at supermarkets were down -1.1% on an organic basis (-1.2% LFL).

Organic sales in convenience and other formats confirmed their momentum with growth of +5.1%.

INTERNATIONAL

Third quarter 2014 sales inc. VAT

   

Salesinc. VAT(€m)

 

Changeat currentexchangerates

 

Changeat constantexchangerates

  Ex petrol, ex calendar         LFL  

Organicgrowth

Other European countries 5,311 -1.8% -2.0% -1.3%   -1.6% Latin America 3,966 +6.9% +17.5% +13.7% +18.5% Asia   1,760   -3.6%   -3.1%   -6.6%   -3.3% International   11,037   +0.8%   +4.4%   +2.9%   +5.0%

Organic sales in International markets grew by +5.0% (+2.9% LFL). The calendar effect is neutral this quarter and currencies had an impact of -3.6%.

Other European countries

In other European countries, organic sales were down -1.6% in the quarter amid unfavourable weather conditions and a significant cyclical decrease in fruit and vegetable prices. On a like-for-like basis, sales were down -1.2% in Spain, down -4.8% in Italy and up +1.3% in Belgium. They were stable in Poland and up in Romania.

Latin America

Organic sales in Latin America were up +18.5%. Currencies had an impact of -10.6% as a result of the depreciation of the Argentine peso.

In Brazil, organic sales were up +12.8% (+7.7% LFL) on the back of strong comparables of +8.2%. All formats recorded solid performance. Argentina’s organic sales were up +34.6%, of which +30.5% LFL.

Asia

Expansion in Asia continued and contributed +3.4% to sales evolution. In total, organic sales were down by 3.3% on a challenging comparable base. Currencies had an impact of -0.5% in the quarter.

In China, expansion generated growth of +4.5% and organic sales fell by -3.7% in a persistently frugal consumption environment. In Taiwan, organic sales were down -2.2% (-1.6% LFL).

APPENDIX

LFL Sales in Q3 and nine-months 2014

 

Q3 2014

 

9 months 2014

   

LFLex petrolex calendar

  LFL  

LFLex petrolex calendar

  LFL France   -0.2%   -1.4%   +1.1%   -0.1% Hypermarkets -0.7%   -1.9% +0.1%   -1.1% Supermarkets -1.2% -2.1% +1.2% +0.2%                   International   +2.9%   +2.6%   +3.8%   +3.6%                   Other European countries   -1.3%   -1.8%   -0.4%   -0.7% Spain -1.2% -1.7% -0.2% -0.4% Italy -4.8% -5.2% -2.5% -3.2% Belgium +1.3% +0.4% +2.2% +2.0%                   Latin America   +13.7%   +13.2%   +13.8%   +13.7% Brazil +7.7% +7.6% +7.1% +7.5%                   Asia   -6.6%   -6.4%   -4.9%   -5.2% China -8.2% -7.8% -6.0% -6.2%                   Group total   +1.6%   +0.7%   +2.7%   +1.9%

EXPANSION UNDER BANNERS – Q3 2014

In Q3 2014, Carrefour opened or acquired 123,000 gross sq. m. Net of disposals and closures, the network added 51,000 sq. m. in the quarter. Since the beginning of the year, the network has added 394,000 gross sq. m. (226,000 net sq. m.).

Thousands of sq. m  

Dec 312013

 

June 30 2014

 

Openings/Storeenlargements

  Acquisitions  

Closures/Storereductions

  Transfers  

TotalQ3 2014change

 

Sept 302014

France   5,071   5,153   11   2   -3     10   5,163 Europe (ex France) 5,539 5,602 67 4 -25 46 5,648 Latin America 2,088 2,117 17 17 2,134 Asia 2,765 2,776 -44 -44 2,732 Others1   712   730   21               21   751 Group   16,176   16,378   116   6   -72       50   16,428

STORE NETWORK UNDER BANNERS – Q3 2014

In Q3 2014, Carrefour opened or acquired 280 stores, mainly convenience stores (191). Net of disposals or closures, the network added 196 stores in Q3 2014, bringing the total network to 10,608 stores at the end of September.

No. of stores  

Dec 312013

 

June 302014

  Openings   Acquisitions  

Closures/Disposals

  Transfers  

TotalQ3 2014change

 

Sept 302014

Hypermarkets   1,421   1,438   6       -3       3   1,441 France   234   236             236 Europe (ex France) 475 484 1 -1 484 Latin America 277 281 3 3 284 Asia 371 373 -2 -2 371

Others1

  64   64   2               2   66 Supermarkets   2,917   2,954   77   5   -8   2   76   3,030 France 949 958 1 -1 958 Europe (ex France) 1,656 1,669 73 4 -7 2 72 1,741 Latin America 169 169 169 Asia 17 18 18 Others1   126   140   4               4   144 Convenience   5,593   5,844   191       -68   -2   121   5,965 France 3,458 3,624 41 -24 17 3,641 Europe (ex France) 1,795 1,855 126 -44 -2 80 1,935 Latin America 316 340 18 18 358 Others1   24   25   6               6   31 Cash & carry   174   176   1       -5       -4   172 France 138 140 140 Europe (ex France) 19 19 19 Asia 5 5 -5 -5 0 Autres1   12   12   1               1   13 Group   10,105   10,412   275   5   -84       196   10,608 France 4,779 4,958 41 1 -25 17 4,975 Europe (ex France) 3,945 4,027 200 4 -52 152 4,179 Latin America 762 790 21 21 811 Asia 393 396 -7 -7 389 Others1   226   241   13               13   254

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.

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

CarrefourInvestor Relations:Réginald 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