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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