Earnings Release • Jul 17, 2014
Earnings Release
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• Second quarter 2014 consolidated sales: €20.5bn, a strong +4.9% increase on an organic basis
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%).
| Sales inc. VAT (€m) |
Change at current exchange rates |
Change at constant exchange rates |
Organic growth, ex petrol ex calendar |
|
|---|---|---|---|---|
| Europe | 15,178 | +1.9% | +1.9% | +1.9% |
| France | 9,847 | +2.0% | +2.0% | +2.4% |
| Other European countries | 5,331 | +1.8% | +1.8% | +1.1% |
| Emerging markets | 5,338 | -4.0% | +13.8% | +12.1% |
| Group | 20,517 | +0.3% | +5.2% | +4.9% |
Total sales under banners including petrol in Q2 2014 stood at €24.6bn, up +5.1% at constant exchange rates.
| Sales | Change at current |
Change at constant |
Ex petrol, ex calendar | ||||
|---|---|---|---|---|---|---|---|
| inc. VAT (€m) |
exchange rates |
exchange rates |
LFL | Organic growth |
|||
| France | 9,847 | +2.0% | +2.0% | +2.1% | +2.4% | ||
| Hypermarkets | 5,270 | +0.7% | +0.7% | +0.4% | +0.9% | ||
| Supermarkets | 3,353 | +2.4% | +2.4% | +3.3% | +3.0% | ||
| Convenience and other formats | 1,223 | +6.8% | +6.8% | +7.2% | +7.4% | ||
| Other European countries | 5,331 | +1.8% | +1.8% | +1.5% | +1.1% | ||
| Total Europe | 15,178 | +1.9% | +1.9% | +1.9% | +1.9% |
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%).
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%.
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.
| Sales | Change at current |
Change at constant |
Ex petrol, ex calendar | ||
|---|---|---|---|---|---|
| inc. VAT (€m) |
exchange rates |
exchange rates |
LFL | Organic growth |
|
| Latin America | 3,793 | -2.3% | +20.7% | +15.2% | +18.4% |
| Asia | 1,545 | -7.7% | -2.0% | -6.1% | -2.0% |
| Emerging markets | 5,338 | -4.0% | +13.8% | +8.4% | +12.1% |
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%.
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.
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).
| Sales inc. VAT (€m) |
Change at current exchange rates |
Change at constant exchange rates |
Organic growth, ex petrol ex calendar |
|
|---|---|---|---|---|
| Europe | 29,444 | +0.3% | +0.3% | +1.2% |
| France | 19,074 | +0.6% | +0.6% | +1.9% |
| Other European countries | 10,371 | -0.2% | -0.1% | -0.1% |
| Emerging markets | 10,858 | -6.7% | +11.1% | +11.2% |
| Group | 40,302 | -1.7% | +3.4% | +4.3% |
Total sales under banners including petrol 2014 stood at €48.1bn, up +3.3% at constant exchange rates.
| Q2 2014 | H1 2014 | ||||
|---|---|---|---|---|---|
| LFL ex petrol ex calendar |
LFL | LFL ex petrol ex calendar |
LFL | ||
| +1.9% | +1.9% | +1.2% | +0.3% | ||
| +0.6% | |||||
| +0.4% | +0.4% | +0.5% | -0.7% | ||
| +3.3% | +2.6% | +2.6% | +1.5% | ||
| +1.5% | +2.0% | +0.1% | -0.1% | ||
| +0.1% | +0.4% | +0.3% | +0.3% | ||
| +2.9% | +3.2% | -1.5% | -2.2% | ||
| +3.8% | +5.0% | +2.7% | +2.8% | ||
| +8.4% | +10.5% | +7.7% | +7.8% | ||
| +15.2% | +17.8% | +13.9% | +14.0% | ||
| +7.2% | +11.0% | +6.8% | +7.4% | ||
| -4.7% | |||||
| -7.3% | -7.2% | -4.9% | -5.4% | ||
| +2.5% | |||||
| +2.1% -6.1% +3.9% |
+1.8% -6.1% +4.3% |
+1.9% -4.1% +3.3% |
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).
| Thousands of sq. m | Dec 31 2013 |
March 31 2014 |
Openings/ Store enlargements |
Acquisitions | Closures/ Store reductions |
Transfers | Total Q2 2014 change |
June 30 2014 |
|---|---|---|---|---|---|---|---|---|
| France | 5,071 | 5,112 | 27 | 16 | -2 | 41 | 5,153 | |
| Europe (ex France) | 5,539 | 5,554 | 72 | -24 | 48 | 5,602 | ||
| Latin America | 2,088 | 2,097 | 21 | -1 | 20 | 2,117 | ||
| Asia | 2,765 | 2,781 | 1 | -6 | -5 | 2,776 | ||
| Others1 | 712 | 721 | 12 | -2 | 10 | 730 | ||
| Group | 16,176 | 16,264 | 133 | 16 | -35 | 114 | 16,378 |
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.
| No. of stores | Dec 31 2013 |
March 31 2014 |
Openings | Acquisitions | Closures | Transfers | Total Q2 2014 change |
June 30 2014 |
|---|---|---|---|---|---|---|---|---|
| Hypermarkets | 1,421 | 1,433 | 6 | -1 | 5 | 1,438 | ||
| France | 234 | 235 | 1 | 1 | 236 | |||
| Europe (ex France) | 475 | 483 | 1 | 1 | 484 | |||
| Latin America | 277 | 278 | 3 | 3 | 281 | |||
| Asia | 371 | 374 | -1 | -1 | 373 | |||
| Others1 | 64 | 63 | 1 | 1 | 64 | |||
| Supermarkets | 2,917 | 2,955 | 20 | -12 | -9 | -1 | 2,954 | |
| France | 949 | 957 | 1 | 1 | 958 | |||
| Europe (ex France) | 1,656 | 1 679 | 11 | -12 | -9 | -10 | 1 669 | |
| Latin America | 169 | 169 | 0 | 169 | ||||
| Asia | 17 | 17 | 1 | 1 | 18 | |||
| Others1 | 126 | 133 | 7 | 7 | 140 | |||
| Convenience | 5,593 | 5,665 | 184 | 75 | -89 | 9 | 179 | 5,844 |
| France | 3,458 | 3,523 | 44 | 75 | -18 | 101 | 3,624 | |
| Europe (ex France) | 1,795 | 1,792 | 124 | -70 | 9 | 63 | 1,855 | |
| Latin America | 316 | 325 | 15 | 15 | 340 | |||
| Others1 | 24 | 25 | 1 | -1 | 0 | 25 | ||
| Cash & carry | 174 | 175 | 1 | 1 | 176 | |||
| France | 138 | 139 | 1 | 1 | 140 | |||
| Europe (ex France) | 19 | 19 | 0 | 19 | ||||
| Asia | 5 | 5 | 0 | 5 | ||||
| 1 Others |
12 | 12 | 0 | 12 | ||||
| Group | 10,105 | 10,228 | 211 | 75 | -102 | 184 | 10,412 | |
| France | 4,779 | 4,854 | 47 | 75 | -18 | 104 | 4 958 | |
| Europe (ex France) | 3,945 | 3,973 | 136 | -82 | 54 | 4 027 | ||
| Latin America | 762 | 772 | 18 | 18 | 790 | |||
| Asia | 393 | 396 | 1 | -1 | 0 | 396 | ||
| Others1 | 226 | 233 | 9 | -1 | 8 | 241 |
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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