Carrefour: 2015 Sales: +3% Organic Growth

Regulatory News:

Carrefour (Paris:CA):

2015 full-year sales: €86.3bn, +5.3% ex petrol and at constant exchange rates and +3.0% on an organic basis

• France: Continued growth, +5.3% ex petrol and +1.1% on an organic basis
  • All formats posted growth for the third consecutive year, illustrating the dynamism of our multi-format model
  • DIA store conversions continue
• International: Growth of +5.3% ex petrol at constant exchange rates and of +4.5% on an organic basis
  • Accelerating growth in Europe, notably in Spain and Italy; all countries posted full-year like for like growth
  • Excellent performance in Latin America in a more difficult environment
  • Confirmation of growth in Taiwan, continued roll-out of action plan in China

Q4 2015 sales: €22.4bn, +4.1% ex petrol and at constant exchange rates, +2.4% on an organic basis

• France: Growth of +3.3% ex petrol and of -0.3% on an organic basis
• International: Growth of +4.8% at constant exchange rates ex petrol and acceleration of organic growth at +4.5%

2015 Recurring Operating Income

• The group confirms that 2015 ROI will be in line with expectations of €2.45bn

Total sales under banners including petrol in full-year 2015 reached €104.4bn at constant exchange rates, up +4.5% at constant exchange rates. They stood at €26.9bn at constant exchange rates in Q4 2015, up +2.7%.

FULL-YEAR 2015 SALES INC. VAT

France

In 2015, France posted organic growth of +1.1%, on top of an already positive comparable basis of +1.2% in 2014 and of +1.3% in 2013. All formats posted organic growth for the third consecutive year.

International

Organic sales in international markets were up by +4.5% in 2015. For the first time in seven years, Europe posted sales growth. Sales in Latin America were up strongly, at +11.7%, as Brazil posted further growth, with organic sales up by +12.6%. In Asia, organic sales were down by 9.5%.

2015 FOURTH QUARTER SALES INC. VAT

France

In the fourth quarter, France posted further LFL growth of +0.2% on the back of a high comparable base (+1.1%).

Sales at hypermarkets were down by 0.5% on an organic basis. Non-food sales were impacted by particularly mild temperatures, notably in December.

Sales at supermarkets rose by +0.6% on an organic basis. LFL sales were up by +1.5% on top of a particularly challenging comparable base of +2.6% in 2014 and +3.2% in 2013.

Sales in convenience and other formats confirmed their momentum with a LFL rise of +1.1%.

International

Sales in international markets rose by +4.5% on an organic basis and by +3.6% on a LFL basis. The calendar effect was a negative 0.1% in the quarter and currencies had an unfavorable effect of 6.9%.

In Other European countries, organic sales were up by +0.8%.

LFL sales in Spain were up by +2.5% on top of an already positive comparable base in the fourth quarter of 2014.

Trends improved in Italy where LFL sales were up by +3.5%. In Poland and in Romania¹, they grew on an already positive comparable base. They were down by 0.4% in Belgium.

Organic sales in Latin America were up by +15.9%. Currencies had an unfavorable effect of 22.2% due to the depreciation of the Brazilian Real and Argentine Peso vs. the euro.

In Brazil, organic sales were up by +13.5% (+8.5% LFL) on an already high comparable base of +15.9%. All formats posted remarkable growth. Organic sales in Argentina rose by +23.3%, of which +22.3% LFL.

In Asia, organic sales were down by 11.7% and total sales were down by 3.6% as the result of a positive currency effect of +8.1%.

In China, in a context of slowing consumption, total sales were down by 7.5%, and down 15.7% on an organic basis. In line with our medium-term view, we are continuing to roll out our action plan in the country. In Taiwan, sales rose for the fourth consecutive quarter, by +4.2% on an organic basis and by +2.6% LFL.

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¹ LFL sales in Romania are restated for the technical effect on prices of the lower VAT rate.

Variation of 2015 full-year sales inc. VAT

Carrefour’s sales stood at €86,294m. The currency effect was -1.0% and the impact of petrol prices was -1.6%, of which -2.9% in France. The calendar effect was neutral.

Variation of 2015 fourth quarter sales

Carrefour’s sales stood at €22,430m. The currency effect was -3.8% and the impact of petrol prices was -1.1%, of which -2.2% in France. The calendar effect was -0.1%.

EXPANSION UNDER BANNERS – Q4 and full year 2015

In Q4 2015, Carrefour opened or acquired 282,000 gross sq. m. Net of disposals or closures, the network added 179,000 sq. min the quarter. Since the beginning of the year, the network has added 1,208,000 gross sq. m. (891,000 net sq. m.).

STORE NETWORK UNDER BANNERS – Q4 and full year 2015

In Q4 2015, Carrefour opened or acquired 439 stores, principally convenience stores (218). Net of disposals or closures, the network added 238 stores in Q4 2015, bringing the total network to 12,296 stores at the end of December (+1,436 stores compared to 2014).

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¹ Maghreb, Middle East and Dominican Republic.

DEFINITIONS

LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant exchange rates.

Organic growth: LFL sales plus net openings over the past twelve months, including temporary store closures, at constant exchange rates.

Sales under banners: Total sales under banners including sales by franchisees and international partnerships.

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