Key H1 2012 figures
Key H1 2012 highlights
Performance by zone
In France, sales were down 0.5%, supported by growth in food sales but impacted by the decline in non-food sales, notably in seasonal goods. Continued investment in prices had a slightly negative effect on commercial margin. SG&A were stable as a percentage of sales. Recurring operating income was down 6.7% to €279m.
In Europe, sales decreased by 1.8% at constant exchange rates (-3.0% at current exchange rates), reflecting the difficult economic environment, especially in Southern Europe. Belgium recorded an increase in sales. Overall, recurring operating income amounted to €150m, down 32% compared to H1 2011. A large part of the decrease in recurring operating income is attributable to Spain, where the decrease in sales and investments in the offer are only partially offset by the significant reduction in distribution costs.
Sales growth in Latin America remained strong (+8.3% at constant exchange rates and +5.3% at current exchange rates), driven by strong like-for-like performance, notably at Atacadao in Brazil. Commercial margin was up. Recurring operating income rose 10.1% to €245m, driven by Brazil.
Sales in Asia increased by 0.7% at constant exchange rates (+9.5% at current exchange rates), marked by stable sales in China and a sustained increase in Indonesia. Commercial margin improved. Distribution costs rose, mainly due to wage inflation in China. Recurring operating income was down 4.1% to €116m.
Over the past 40 years, the Carrefour group has grown to become one of the world’s leading distribution groups. The world’s second-largest retailer and the largest in Europe, the group currently operates four grocery store formats: hypermarkets, supermarkets, cash&carry and convenience stores. The Carrefour group currently has over 9,500 stores, either company-operated or franchises.
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