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CARREFOUR (CA)

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CARREFOUR : Q1 2012 Sales

04/12/2012 | 02:53am US/Eastern

Carrefour Q1 2012 sales up 1.5% to €22.5bn
Resilience in food, continued weakness in non-food spending

Q1 2012 sales (inc. VAT) of €22.5bn, +0.9%*, (+1.5% including petrol and at current exchange rates) supported by overall growth in emerging markets and a positive calendar effect in most geographies; food is generally resilient while non-food, notably in Southern Europe, remains affected by difficult macro-economic conditions

- France: Sales -0.5%* partly reflecting the anticipated short-term effects of new commercial mix; further enrichment of our Carrefour product offer; Drive roll-out underway with 58 units at end Q1

- Europe (ex. France): Sales -2.7%* with continued weak non-food spending; further deterioration in Greece

- Latin America: Sales +10.0%* driven by continuing progress in hypermarkets in Brazil and outperformance at Atacadao

- Asia: Sales -0.3%* reflecting unchanged trading conditions in China; steady growth in Indonesia

* at constant exchange rates, ex-petrol

Lars Olofsson, Chairman and CEO of Carrefour, declared:
"Carrefour registered slightly higher reported sales in the first quarter, supported by continued growth in emerging markets. In France, our sales performance reflects the new commercial mix that we are implementing to regain consistent price competitiveness. Southern Europe's performance continued to be impacted by lower non-food spending, but this was largely offset by a very satisfying performance in Latin America, particularly in Brazil. The trends we observed this quarter and the persistently difficult trading environment confirm our determination to pursue the execution of our Reset plan in France, focus on cash and cost efficiency, further extend our Carrefour-branded product offer and continue expanding in emerging markets."

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