Carrefour: Strong Organic Sales Growth: +4.9% In Q2 2014

Regulatory News:

Carrefour (Paris:CA):

• Second quarter 2014 consolidated sales: €20.5bn, a strong +4.9% increase on an organic basis
• Europe : good performance, with organic growth of +1.9%
  • France: another quarter of sales growth in all formats (+2.4%)
  • Other European countries: organic sales growth of +1.1%
• Emerging markets: solid organic growth of +12.1%
  • Excellent performance in Brazil and Argentina
  • Continued expansion in China amid an unchanged consumption environment

Second quarter 2014 consolidated sales inc. VAT

The Group’s organic growth reached +4.9%. Carrefour’s sales stood at €20,517m. They were impacted by the combination of a currency effect (-4.9%), a drop in petrol prices (-1.0%) and by the later Easter holidays (+1.2%).

Total sales under banners including petrol in Q2 2014 stood at €24.6bn, up +5.1% at constant exchange rates.

EUROPE

Second quarter 2014 sales inc. VAT

Organic sales in Europe were up by +1.9% excluding the estimated calendar impact of +0.9% and the drop in petrol prices (-1.0%).

France

In France, organic sales growth continued in all formats. The drop in petrol prices at the pump had an impact of 1.4%.

Sales at hypermarkets were up by +0.9% organically and up +0.4% on a like-for-like basis. Food sales continued to grow. Non-food sales were nearly flat.

Sales at supermarkets were up by +3.0% organically (+3.3% on a like-for-like basis). Organic sales in convenience and other formats were up by +7.4%.

Other European countries

Organic sales were up by +1.1%. On a like-for-like basis, they were up by +1.5%: +0.1% in Spain, +3.8% in Belgium and +2.9% in Italy, which benefited from a promotional campaign linked to the soccer world cup.

EMERGING MARKETS

Second quarter 2014 sales inc. VAT

Organic sales in Emerging markets rose by +12.1% (+8.4% LFL) excluding the estimated calendar impact of 2.0% and currency impact of -17.8%.

Latin America

Organic sales in Latin America were up by +18.4%. Currencies had an impact of -23.0% due to the depreciation of the Brazilian real and the Argentine peso.

In Brazil, organic sales were up by +10.0% (+7.2% LFL), in spite of a strong comparable base. Organic sales in Argentina increased by +44.9%, of which +42.4% LFL.

Asia

Expansion in Asia continued and contributed +4.1% to sales evolution amid an unchanged consumption environment in China. In total, organic sales were down by 2.0% on a challenging comparable base. Currencies had an impact of -5.7% in the quarter.

In China, expansion generated growth of +4.9% and organic sales fell by 2.4%. In Taiwan, organic sales dropped by 0.7% (-1.6% LFL).

Note: LFL and organic growth numbers are presented ex calendar and ex petrol.

APPENDIX

First half 2014 consolidated sales inc. VAT

Total sales under banners including petrol 2014 stood at €48.1bn, up +3.3% at constant exchange rates.

LFL sales in Q2 and H1 2014

EXPANSION UNDER BANNERS – Q2 2014

In Q2 2014, Carrefour opened or acquired 149,000 gross sq. m. Net of disposals and closures, the network added 114,000 sq. m in the quarter. Since the beginning of the year, the network has added 271,000 gross sq. m (202,000 net sq. m).

STORE NETWORK UNDER BANNERS – Q2 2014

In Q2 2014, Carrefour opened or acquired 286 stores, mainly convenience stores (259). Net of disposals and closures, the network added 184 stores in Q2 2014, bringing the total network to 10,412 stores at the end of June.

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.