• 2017 : A difficult year overall
- Slowing sales momentum in 2017: +1.6% LFL in the full year vs +3.0% in 2016
- Recurring operating income expected at around €2.00bn in the full year (non-audited estimate), down about -15% at current exchange rates
- Free Cash Flow excluding exceptional items around €950m (non-audited estimate) vs. €1,039m in 2016

• An improved performance in the fourth quarter following an atypical third quarter
- Like-for-like growth of 1.9% in Q4, marking a sharp improvement over the previous quarter (+0.5% in Q3) and in line with the first half (+2.1% in H1);
- Improved trends, notably in France (+ 1.5 % LFL in Q4 vs -0.9% in Q3), with:
> more favorable momentum in all formats
> successful Black Friday and year-end campaigns
- Growth still weak in Brazil, impacted by food deflation

• The Group's transformation plan will be presented on January 23

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