Regulatory News:
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
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