Earnings Release • Oct 16, 2014
Earnings Release
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| | Q3 2014 sales: €21.1bn, up +2.8% |
|---|---|
| o France : Further sales growth |
|
| o International : Strong organic growth of +5.0%, excellent performance in Brazil and |
|
| Argentina | |
| | Nine-month 2014 sales: €61.4bn, a strong +3.8% increase |
| o France : Sales up +1.3%, growth in all formats |
|
| o International : Strong organic growth of +5.7% |
|
The Group's organic growth reached +2.8%. Carrefour's sales stood at €21,077m. The currency effect was -1.9% and the impact of petrol prices was -1.0%. The calendar effect is neutral this quarter (-0.1%).
| Sales inc. VAT (€m) |
Change at current exchange rates |
Change at constant exchange rates |
Organic growth ex petrol ex calendar |
|
|---|---|---|---|---|
| France | 10,040 | -1.1% | -1.1% | +0.2% |
| International | 11,037 | +0.8% | +4.4% | +5.0% |
| Group | 21,077 | -0.1% | +1.8% | +2.8% |
Total sales under banners including petrol in Q3 2014 stood at €25.4bn, up +2.1% at constant exchange rates.
| Sales inc. VAT (€m) |
Change at current exchange rates |
Change at constant exchange rates |
Organic growth ex petrol ex calendar |
|
|---|---|---|---|---|
| France | 29,114 | +0.0% | +0.0% | +1.3% |
| International | 32,265 | -2.2% | +5.4% | +5.7% |
| Group | 61,379 | -1.2% | +2.8% | +3.8% |
Total sales under banners including petrol for the first nine months of 2014 stood at €73.6bn, up +2.9% at constant exchange rates.
Note: LFL and organic growth numbers are presented ex calendar and ex petrol.
| Sales inc. VAT (€m) |
Change at current |
Change at constant |
Ex petrol, ex calendar | |||
|---|---|---|---|---|---|---|
| exchange rates |
exchange rates |
LFL | Organic growth |
|||
| France | 10,040 | -1.1% | -1.1% | -0.2% | +0.2% | |
| Hypermarkets | 5,409 | -1.6% | -1.6% | -0.7% | -0.2% | |
| Supermarkets | 3,340 | -2.4% | -2.4% | -1.2% | -1.1% | |
| Convenience and other formats |
1,291 | +4.3% | +4.3% | +4.1% | +5.1% |
France recorded further organic sales growth this quarter on the back of strong comparables (+2.0%) in spite of unusually heavy rainfall in July and August and a significant cyclical decrease in fruit and vegetable prices.
The drop in petrol prices at the pump had an impact of -1.5%.
Sales at hypermarkets were down -0.2% on an organic basis and down -0.7% LFL. Dry grocery products posted further growth. Non-food sales were resilient.
Sales at supermarkets were down -1.1% on an organic basis (-1.2% LFL).
Organic sales in convenience and other formats confirmed their momentum with growth of +5.1%.
| Change Sales at current |
Change at constant |
Ex petrol, ex calendar | |||||
|---|---|---|---|---|---|---|---|
| inc. VAT (€m) |
exchange rates |
exchange rates |
LFL | Organic growth |
|||
| Other European countries | 5,311 | -1.8% | -2.0% | -1.3% | -1.6% | ||
| Latin America | 3,966 | +6.9% | +17.5% | +13.7% | +18.5% | ||
| Asia | 1,760 | -3.6% | -3.1% | -6.6% | -3.3% | ||
| International | 11,037 | +0.8% | +4.4% | +2.9% | +5.0% |
Organic sales in International markets grew by +5.0% (+2.9% LFL). The calendar effect is neutral this quarter and currencies had an impact of -3.6%.
In other European countries, organic sales were down -1.6% in the quarter amid unfavourable weather conditions and a significant cyclical decrease in fruit and vegetable prices. On a like-for-like basis, sales were down -1.2% in Spain, down -4.8% in Italy and up +1.3% in Belgium. They were stable in Poland and up in Romania.
Organic sales in Latin America were up +18.5%. Currencies had an impact of -10.6% as a result of the depreciation of the Argentine peso.
In Brazil, organic sales were up +12.8% (+7.7% LFL) on the back of strong comparables of +8.2%. All formats recorded solid performance. Argentina's organic sales were up +34.6%, of which +30.5% LFL.
Expansion in Asia continued and contributed +3.4% to sales evolution. In total, organic sales were down by 3.3% on a challenging comparable base. Currencies had an impact of -0.5% in the quarter.
In China, expansion generated growth of +4.5% and organic sales fell by -3.7% in a persistently frugal consumption environment. In Taiwan, organic sales were down -2.2% (-1.6% LFL).
| Q3 2014 |
9 months 2014 | |||||
|---|---|---|---|---|---|---|
| LFL ex petrol ex calendar |
LFL | LFL ex petrol ex calendar |
LFL | |||
| France | -0.2% | -1.4% | +1.1% | -0.1% | ||
| Hypermarkets | -0.7% | -1.9% | +0.1% | -1.1% | ||
| Supermarkets | -1.2% | -2.1% | +1.2% | +0.2% | ||
| International | +2.9% | +2.6% | +3.8% | +3.6% | ||
| Other European countries | -1.3% | -1.8% | -0.4% | -0.7% | ||
| Spain | -1.2% | -1.7% | -0.2% | -0.4% | ||
| Italy | -4.8% | -5.2% | -2.5% | -3.2% | ||
| Belgium | +1.3% | +0.4% | +2.2% | +2.0% | ||
| Latin America | +13.7% | +13.2% | +13.8% | +13.7% | ||
| Brazil | +7.7% | +7.6% | +7.1% | +7.5% | ||
| Asia | -6.6% | -6.4% | -4.9% | -5.2% | ||
| China | -8.2% | -7.8% | -6.0% | -6.2% | ||
| Group total | +1.6% | +0.7% | +2.7% | +1.9% |
In Q3 2014, Carrefour opened or acquired 123,000 gross sq. m. Net of disposals and closures, the network added 51,000 sq. m. in the quarter. Since the beginning of the year, the network has added 394,000 gross sq. m. (226,000 net sq. m.).
| Thousands of sq. m | Dec 31 2013 |
June 30 2014 |
Openings/ Store enlargements |
Acquisitions | Closures/ Store reductions |
Transfers | Total Q3 2014 change |
Sept 30 2014 |
|---|---|---|---|---|---|---|---|---|
| France | 5,071 | 5,153 | 11 | 2 | -3 | 10 | 5,163 | |
| Europe (ex France) | 5,539 | 5,602 | 67 | 4 | -25 | 46 | 5,648 | |
| Latin America | 2,088 | 2,117 | 17 | 17 | 2,134 | |||
| Asia | 2,765 | 2,776 | -44 | -44 | 2,732 | |||
| Others1 | 712 | 730 | 21 | 21 | 751 | |||
| Group | 16,176 | 16,378 | 116 | 6 | -72 | 50 | 16,428 |
In Q3 2014, Carrefour opened or acquired 280 stores, mainly convenience stores (191). Net of disposals or closures, the network added 196 stores in Q3 2014, bringing the total network to 10,608 stores at the end of September.
| No. of stores | Dec 31 2013 |
June 30 2014 |
Openings | Acquisitions | Closures/ Disposals |
Transfers | Total Q3 2014 change |
Sept 30 2014 |
|---|---|---|---|---|---|---|---|---|
| Hypermarkets | 1,421 | 1,438 | 6 | -3 | 3 | 1,441 | ||
| France | 234 | 236 | 236 | |||||
| Europe (ex France) | 475 | 484 | 1 | -1 | 484 | |||
| Latin America | 277 | 281 | 3 | 3 | 284 | |||
| Asia | 371 | 373 | -2 | -2 | 371 | |||
| Others1 | 64 | 64 | 2 | 2 | 66 | |||
| Supermarkets | 2,917 | 2,954 | 77 | 5 | -8 | 2 | 76 | 3,030 |
| France | 949 | 958 | 1 | -1 | 958 | |||
| Europe (ex France) | 1,656 | 1,669 | 73 | 4 | -7 | 2 | 72 | 1,741 |
| Latin America | 169 | 169 | 169 | |||||
| Asia | 17 | 18 | 18 | |||||
| Others1 | 126 | 140 | 4 | 4 | 144 | |||
| Convenience | 5,593 | 5,844 | 191 | -68 | -2 | 121 | 5,965 | |
| France | 3,458 | 3,624 | 41 | -24 | 17 | 3,641 | ||
| Europe (ex France) | 1,795 | 1,855 | 126 | -44 | -2 | 80 | 1,935 | |
| Latin America | 316 | 340 | 18 | 18 | 358 | |||
| Others1 | 24 | 25 | 6 | 6 | 31 | |||
| Cash & carry | 174 | 176 | 1 | -5 | -4 | 172 | ||
| France | 138 | 140 | 140 | |||||
| Europe (ex France) | 19 | 19 | 19 | |||||
| Asia | 5 | 5 | -5 | -5 | 0 | |||
| Autres1 | 12 | 12 | 1 | 1 | 13 | |||
| Group | 10,105 | 10,412 | 275 | 5 | -84 | 196 | 10,608 | |
| France | 4,779 | 4,958 | 41 | 1 | -25 | 17 | 4,975 | |
| Europe (ex France) | 3,945 | 4,027 | 200 | 4 | -52 | 152 | 4,179 | |
| Latin America | 762 | 790 | 21 | 21 | 811 | |||
| Asia | 393 | 396 | -7 | -7 | 389 | |||
| Others1 | 226 | 241 | 13 | 13 | 254 |
1 Maghreb, Middle East and Dominican Republic.
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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