SOURCE: Carrefour

July 09, 2008 13:40 ET

Carrefour Announces Trading Statement

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




  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 



   .	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 EUR1.5bn 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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