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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