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Carrefour sales driven by emerging markets in H1

12
Jul '12
Carrefour announced sales of the First half and second quarter of financial year.

H1 2012 sales:  €43.7 bn, +0.9%, driven by growth in emerging markets, notably in Latin America, where sales rose 5.3% (+8.3% at constant exchange rates).

Q2 2012 sales:  €21.7 bn, broadly stable at -0.3%, supported by sustained growth in emerging markets. Sales trends stabilized in France and Europe.

  • France: Sales down 2.1%, supported by improving food sales but impacted by a fall in non-food sales, notably for seasonal goods. Sales trends at hypermarkets and supermarkets are in line with the expected effects of the action plan. Significant improvement of sales in convenience. Acceleration of Drive roll-out with 125 outlets at end-June.
  • Europe (ex. France): Sales down 3.5% (-2.4% at constant exchange rates), impacted by a depressed consumption environment in Southern Europe. Growth in sales in Belgium.
  • Latin America: Sales up 2.7% (+7.4% at constant exchange rates). In Brazil, Atacadao continued its growth.
  • Asia: Sales up 14% (+1.8% at constant exchange rates), an improvement over the previous quarter. Sales growth in China, driven by expansion.

The first half was marked by three changes in scope:

• End of the franchise agreement with Coop Atlantique effective January 1, 2012

• End of the franchise agreement with Altis effective April 6, 2012

• Integration of Guyenne & Gascogne on June 1, 2012, after the success of the cash tender offer, with a secondary option in shares, followed by a compulsory buyout offer

The calendar effect in France is estimated at -0.6% in the second quarter.

Sales in France fell by 2.1%. The petrol effect is +1.5%, boosted by the success of the "Low Price Guarantee" on petrol launched in  May in hypermarkets. 

LFL sales at Hypermarkets recorded a drop of 3.5% (-5.7% excluding petrol).  Food sales trends improved for the second consecutive quarter. Non-food sales declined, impacted by unfavorable weather conditions that affected apparel and seasonal goods (gardening, camping).

LFL sales at Supermarkets were up 0.8% (-1.4% excluding petrol), with improved food sales. Franchise store activity is up in spite of a high comparable level in the previous year.

The roll-out of Drive accelerated, with the number of outlets rising to 125 at the end of Q2: 67 Drives were opened during the quarter, including 19 in hypermarkets and 48 in supermarkets.

Other formats (especially convenience and cash & carry) recorded sales growth of 4.9%. Excluding petrol, sales grew 3.4% driven by renovated stores. At end-June, the convenience format included 413 City, 348 Contact, 143 Express and 15 Montagne.

Carrefour


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