SOURCE: Carrefour SA

July 09, 2008 14:13 ET

Carrefour Announces Trading Statement

Solid Group Sales Growth: + 8.6% in H1 and + 6.7% in Q2 at Constant Exchange Rates; H1 2008 Growth in Activity Contribution of at Least 5%; Acceleration of Our Operational Action Plan, Focus on Our French Hypermarkets

PARIS--(Marketwire - July 9, 2008) -


--  Q2 Sales growth driven by our multi format single brand strategy, our
    international activities, and the strength of the Carrefour brand:
    -- Strong performance of our smaller formats in France: good comparable
       sales trends in supermarkets (+5.2%), convenience stores (+1.5%) and
       hard discount (+1.7%)
    -- Sustained growth in Spain (+3.4% on a like for like basis) thanks to
       promotions and a strong commercial dynamic
    -- Significant growth in sales of own label products (+6% in France,
       +16.7% in Spain)
    -- Increased contribution from growth markets (28% of sales versus 25%
       in 2007)

--  French hypermarket sales down 2.4% Lfl, or 5.5% ex fuel, reflecting:
    -- A fall in food volumes in national brands
    -- An increase in own brand sales
    -- A drop in non-food sales

--  Acceleration of our operational action plans:
    -- Intensification of promotional activity in the Second Half in our
       French hypermarkets
    -- Accelerated roll out of Carrefour Market to reach around 150
       converted stores at the end of 2008
    -- Acceleration of our cost reduction plan and tighter screening of
       capital allocation
    -- Acceleration of store openings in growth markets
    -- Use of Carrefour Property as an improved asset management tool

--  Our objectives for 2008:
    -- Growth in sales inc-VAT, and on constant exchange rates, in line
       with 2007 (+7.0%)
    -- Growth in Activity Contribution broadly in line with sales
    -- Generation of EUR 1.5bn of operational free cash flow

--  First Half 2008 outlook:
    -- In H1, we expect Group Activity Contribution to grow by at least 5%.
    -- This represents a significant acceleration in Activity Contribution
       growth compared to the first half of each of the last 3 years, and
       reinforces our confidence that we will reach our 2008 targets.

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Contact Information

  • Contact:
    Virginie Blin
    + 33 1 55 63 39 16