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Sales up marginally at European retailer Carrefour in H1

Aug '12
Carrefour announced sales of the First half of financial year.

Key H1 2012 figures

  • Growth in sales of +0.9% to €38.8bn, driven by emerging markets
  • Recurring Operating Income of €769m, supported by Latin America but impacted by the economic environment in Southern Europe, vs €838m in H1 2011  
  • Net income from continuing operations, Group share, of €199m, vs. a loss of €879m in H1 2011  
  • Net income from discontinued operations, Group share, of  -€230m, largely resulting from the disposal of Greece
  • Net income, Group share, of -€31m, vs. a loss of €249m in H1 2011

Key H1 2012 highlights

  • Full consolidation of Guyenne & Gascogne as from June 1, 2012, after the success of the cash tender offer with asecondary option in shares, followed by a compulsory buyout offer  
  • Reorganization of the partnership in Greece: Carrefour sold its stake in its joint venture to its partner Marinopoulos, which becomes the exclusive franchisee of Carrefour in Greece, Cyprus and the Balkans  
  • Exit from Singapore: planned closure of the 2 stores by year-end. Operations in the country are also reclassified under discontinued operations in H1 2012 and 2011 accounts have been restated pro-forma  
  • Acquisition of 129 Eki stores in Argentina, effective June 2012, consolidating Carrefour’s leadership in the country
  • Completion of the partnership with Itaú Unibanco in Brazil in financial services

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.

Latin America

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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