Regulatory News:
Carrefour (Paris:CA)
|
|
(Q2 2011)
|
(Const.)
|
(LFL adj. )
|
|
(H1 2011)
|
(Const.)
|
(LFL adj. for )
|
|
|
((€) (million))
|
|
(for cal.)
|
|
((€ million))
|
|
(cal.)
|
|
Sales incl. VAT & petrol
|
22,409
|
+3.0
|
%
|
(+0.8
|
%)
|
|
(44,556
|
)
|
(+2.5
|
%)
|
(+1.4
|
%)
|
|
France
|
9,862
|
+1.6
|
%
|
(+0.3
|
%)
|
|
(19,145
|
)
|
(+1.7
|
%)
|
(+1.6
|
%)
|
|
West. Europe
|
4,850
|
-0.7
|
%
|
(-0.9
|
%)
|
|
(9,501
|
)
|
(-2.7
|
%)
|
(-1.1
|
%)
|
|
Emerging mkts
|
7,697
|
+7.2
|
%
|
(+2.4
|
%)
|
|
(15,910
|
)
|
(+6.9
|
%)
|
(+2.7
|
%)
|
|
Sales incl. VAT ex-petrol
|
20,019
|
+2.1
|
%
|
(-0.2
|
%)
|
|
(39,954
|
)
|
(+1.4
|
%)
|
(+0.1
|
%)
|
|
France
|
8,087
|
+0.4
|
%
|
(-1.0
|
%)
|
|
(15,718
|
)
|
(-0.2
|
%)
|
(-0.4
|
%)
|
|
West. Europe
|
4,560
|
-2.1
|
%
|
(-2.1
|
%)
|
|
(8,944
|
)
|
(-4.2
|
%)
|
(-2.4
|
%)
|
|
Emerging mkts
|
7,372
|
+6.8
|
%
|
(+1.9
|
%)
|
|
(15,292
|
)
|
(+6.8
|
%)
|
(+2.4
|
%)
|
PLEASE NOTE: Unless otherwise stated, all data provided below
relate to Q2 2011 like-for-like sales, ex-petrol, adjusted for calendar
impact.
FRANCE – Sales down 1% with continued outperformance from smaller
formats
Mixed performance in the quarter with weaker trends
since mid-May
Hypermarkets: Sales down 3.3% vs. -1% in Q1
with market share deteriorating in Q2
Carrefour Market:
Continued positive performance with +1.3% growth, broadly in line with Q1
Carrefour
City and Carrefour Contact: Excellent performance with 5.5% LFL
increase for convenience stores
WESTERN EUROPE – Overall performance of -2.1% in line with Q1
(-2.6%); successful turnaround in Belgium confirmed, persistently
difficult environment in Spain and Italy
Belgium: Very good performance, notably in hypermarkets which
grew by 10.1%
Spain: Sales 4.9% down in hypermarkets,
broadly in line with Q1; resilient food sales
Italy:
Continuing tough trading environment, particularly in hypermarkets;
price repositioning underway in supermarkets
EMERGING MARKETS – Continued strong overall performance in Latin
America (+11.0% at constant currencies, ex-calendar, ex-petrol), solid
growth in Asia (+5.3% at constant currencies, ex-calendar, ex-petrol)
Brazil: Continued strong growth (+10.2% ex currencies, petrol and
calendar) with double-digit LFL growth at Atacadao
China:
Sustained growth with +8.3% at constant currencies, ex-calendar
Other
Europe: Ongoing tough environment leading to negative overall sales
performance
CARREFOUR PLANET
Final-model stores continue to post double-digit growth, hypermarket
conversions were broadly on-track with 21 new Planets opening in Q2;
newly opened stores outperform non-converted hypermarkets, particularly
in Spain and Belgium
ESTIMATED FIRST-HALF CURRENT OPERATING INCOME
H1 2011 Group Current Operating Income is expected at c. €760m, compared
to €989m in H1 2010 excluding DIA, i.e. a decline of c.23%. This decline
is largely attributable to France. Current Operating Income in emerging
markets are expected to post solid growth in Current Operating Income.
Lars Olofsson, Chairman and CEO of Carrefour, declared:
"In spite of a persistently challenging environment, Carrefour was
able to generate sales growth in the first half, once again driven by a
strong performance in emerging markets. In France, robust like-for-like
sales in supermarkets and convenience formats allowed us only partly to
offset a disappointing performance in hypermarkets. Our sales
performance was resilient in Western Europe and strong in Latin America
and Asia. Carrefour is devising and implementing an action plan with the
objective of attaining the Group’s 2011 target of a progression in sales
and current operating income. In addition to France, all of our teams
are now being mobilised to support this goal.”
GROUP
Second Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total at
|
|
|
|
|
|
|
|
|
Total at
|
|
|
|
|
|
constant
|
|
|
|
|
|
|
|
|
constant
|
|
|
|
|
|
exch.
|
|
|
Sales inc.
|
|
|
Organic
|
Acquisi-
|
|
exch.
|
Currency
|
|
|
LFL ex-
|
|
rates
|
|
|
VAT
|
LFL
|
Expansion
|
growth
|
tions
|
|
rates
|
impact
|
Total
|
|
petrol
|
|
(ex-petrol)
|
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(
|
%)
|
|
(
|
%)
|
|
France
|
9,862
|
+1.3
|
%
|
+0.3
|
%
|
+1.6
|
%
|
+0.0
|
%
|
|
+1.6
|
%
|
+0.0
|
%
|
+1.6
|
%
|
|
+0.0
|
%
|
|
+0.4
|
%
|
|
Europe (ex Fr)
|
6,611
|
-0.4
|
%
|
-0.8
|
%
|
-1.2
|
%
|
+0.2
|
%
|
|
-1.1
|
%
|
-0.5
|
%
|
-1.6
|
%
|
|
-1.4
|
%
|
|
-2.1
|
%
|
|
Latin America
|
4,168
|
+8.1
|
%
|
+4.4
|
%
|
+12.5
|
%
|
+0.0
|
%
|
|
+12.5
|
%
|
-4.2
|
%
|
+8.3
|
%
|
|
+7.4
|
%
|
|
+11.9
|
%
|
|
Asia
|
1,768
|
-0.3
|
%
|
+4.4
|
%
|
+4.1
|
%
|
+1.2
|
%
|
|
+5.3
|
%
|
-6.3
|
%
|
-1.0
|
%
|
|
-0.3
|
%
|
|
+5.3
|
%
|
|
TOTAL
|
22,409
|
+1.9
|
%
|
+1.0
|
%
|
+2.8
|
%
|
+0.1
|
%
|
|
+3.0
|
%
|
-1.4
|
%
|
+1.6
|
%
|
|
+0.9
|
%
|
|
+2.1
|
%
|
First Half 2011
|
|
|
|
|
|
|
|
Total at
|
|
|
|
|
|
Total at
|
|
|
|
|
|
|
|
|
constant
|
|
|
|
|
|
constant
|
|
|
Sales
|
|
|
Organic
|
Acquisi-
|
|
exch.
|
Currency
|
|
|
LFL ex-
|
|
exch. rates
|
|
|
inc. VAT
|
LFL
|
Expansion
|
growth
|
tions
|
|
rates
|
impact
|
Total
|
|
petrol
|
|
(ex-petrol)
|
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(
|
%)
|
|
(
|
%)
|
|
France
|
19,145
|
+1.6
|
%
|
+0.1
|
%
|
+1.7
|
%
|
+0.0
|
%
|
|
+1.7
|
%
|
+0.0
|
%
|
+1.7
|
%
|
|
-0.5
|
%
|
|
-0.2
|
%
|
|
Europe (ex Fr)
|
12,993
|
-1.9
|
%
|
-1.0
|
%
|
-2.9
|
%
|
+0.1
|
%
|
|
-2.8
|
%
|
-0.3
|
%
|
-3.1
|
%
|
|
-3.0
|
%
|
|
-3.9
|
%
|
|
Latin America
|
8,260
|
+7.0
|
%
|
+5.1
|
%
|
+12.1
|
%
|
+0.0
|
%
|
|
+12.1
|
%
|
+1.2
|
%
|
+13.3
|
%
|
|
+6.9
|
%
|
|
+12.1
|
%
|
|
Asia
|
4,159
|
+0.9
|
%
|
+4.4
|
%
|
+5.3
|
%
|
+1.4
|
%
|
|
+6.7
|
%
|
+1.3
|
%
|
+8.0
|
%
|
|
+0.9
|
%
|
|
+6.7
|
%
|
|
TOTAL
|
44,556
|
+1.4
|
%
|
+0.9
|
%
|
+2.3
|
%
|
+0.2
|
%
|
|
+2.5
|
%
|
+0.2
|
%
|
+2.7
|
%
|
|
+0.1
|
%
|
|
+1.4
|
%
|
FRANCE
1% LFL sales decline, ex-petrol ex-calendar, vs. +0.2% in Q1 in a
persistently challenging environment; mixed performance during the
quarter with a sharp decline in May
Unsatisfactory performance with
market share loss in hypermarkets prompting the launch of an action
plan: LFL hypermarket sales down 3.3% ex-petrol, ex-calendar, vs. -1% in
Q1
Carrefour Market LFL +1.3% ex-petrol ex-calendar, broadly in
line with +1.4% reported in Q1
Continued successful banner
conversions; excellent performance by 290 Carrefour City and 273
Carrefour Contact stores
|
|
Second Quarter 2011
|
|
First Half 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales inc.
|
|
|
|
|
Sales inc.
|
|
|
|
|
|
VAT
|
LFL
|
Expansion
|
Total
|
|
VAT
|
LFL
|
Expansion
|
Total
|
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
France
|
9,862
|
1.3
|
%
|
0.3
|
%
|
1.6
|
%
|
|
19,145
|
1.6
|
%
|
0.1
|
%
|
1.7
|
%
|
|
Hypermarkets
|
5,466
|
0.0
|
%
|
0.3
|
%
|
0.3
|
%
|
|
10,721
|
0.1
|
%
|
0.2
|
%
|
0.3
|
%
|
|
Supermarkets
|
3,352
|
2.6
|
%
|
0.6
|
%
|
3.2
|
%
|
|
6,463
|
3.0
|
%
|
0.2
|
%
|
3.2
|
%
|
|
Others
|
1,044
|
4.5
|
%
|
-1.0
|
%
|
3.5
|
%
|
|
1,962
|
5.7
|
%
|
-0.8
|
%
|
4.9
|
%
|
The calendar effect is estimated at a positive 1.0% over the period.
Excluding petrol, sales in France were up 0.4% this quarter. Adjusted
for the calendar effect, sales were down 0.6% in Q2, while they were
broadly stable in Q1 (+0.2% ex-petrol ex-calendar).
Hypermarkets
In Q2, like-for-like sales excluding petrol were down by 1.7% (-3.3%
when adjusted for calendar effect of 1.6%). For integrated hypermarkets,
traffic was down 2.2%, while average basket increased by 0.2%. LFL food
sales were down 1.7%, while LFL non-food sales decrease by 2.4% in Q2.
Supermarkets
Like-for-like supermarket sales increased by 1.3% ex-petrol, broadly in
line with Q1 performance. This figure includes sales to our franchisees
which make up c. 25% of total business unit sales. The integrated
Carrefour Market stores posted a LFL increase of 0.5% (with a neutral
calendar impact), with traffic down and the average basket up.
Convenience stores and other activities
"Other” activities, of which c. 90% are realized by convenience and cash
and carry stores, posted sales growth of 3.5%, or 4.5% on a
like-for-like basis. The franchised convenience store network recorded
sales growth of 5.5% on a like-for-like basis in Q2.
WESTERN EUROPE (excluding France)
Overall performance in line with Q1 (2.1% decline in like-for-like sales
ex-petrol ex-calendar vs. -2.6% in Q1), with a rebound in sales in June
after weaker consumption trends in mid-May
Resilience in food
volumes in Spain in a persistently difficult market. Continued weakness
in non-food sales
Confirmed rebound in Belgium with +6.7%
like-for-like growth, ex-petrol, ex-calendar
Difficult performance
in Italy, notably in hypermarkets
|
|
Second Quarter 2011
|
|
First Half 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales inc.
|
|
|
|
|
Sales inc.
|
|
|
|
|
|
VAT
|
LFL
|
Expansion
|
Total
|
|
VAT
|
LFL
|
Expansion
|
Total
|
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
Western Europe (G3)
|
4,850
|
0.5
|
%
|
-1.2
|
%
|
-0.7
|
%
|
|
9,501
|
-1.0
|
%
|
-1.7
|
%
|
-2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Spain
|
2,261
|
-0.3
|
%
|
1.4
|
%
|
1.1
|
%
|
|
4,467
|
-1.7
|
%
|
1.1
|
%
|
-0.6
|
%
|
|
Hypermarkets
|
2,026
|
-0.7
|
%
|
0.1
|
%
|
-0.6
|
%
|
|
4,025
|
-2.0
|
%
|
0.1
|
%
|
-1.9
|
%
|
|
Supermarkets
|
204
|
1.7
|
%
|
10.2
|
%
|
11.9
|
%
|
|
384
|
-0.1
|
%
|
8.7
|
%
|
8.6
|
%
|
|
Others
|
31
|
22.8
|
%
|
55.3
|
%
|
78.1
|
%
|
|
57
|
13.3
|
%
|
43.3
|
%
|
56.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy
|
1,541
|
-2.3
|
%
|
-2.2
|
%
|
-4.5
|
%
|
|
2,997
|
-3.4
|
%
|
-3.2
|
%
|
-6.6
|
%
|
|
Hypermarkets
|
626
|
-4.0
|
%
|
-1.9
|
%
|
-5.9
|
%
|
|
1,241
|
-3.9
|
%
|
-2.8
|
%
|
-6.7
|
%
|
|
Supermarkets
|
604
|
-2.0
|
%
|
-4.3
|
%
|
-6.3
|
%
|
|
1,164
|
-4.4
|
%
|
-4.8
|
%
|
-9.2
|
%
|
|
Others
|
311
|
1.2
|
%
|
0.9
|
%
|
2.1
|
%
|
|
592
|
-0.3
|
%
|
-0.4
|
%
|
-0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium
|
1,048
|
7.1
|
%
|
-5.7
|
%
|
+1.4
|
%
|
|
2,038
|
4.7
|
%
|
-6.0
|
%
|
-1.3
|
%
|
|
Hypermarkets
|
462
|
11.0
|
%
|
-11.3
|
%
|
-0.3
|
%
|
|
912
|
7.6
|
%
|
-11.0
|
%
|
-3.4
|
%
|
|
Supermarkets
|
514
|
4.2
|
%
|
-2.0
|
%
|
2.2
|
%
|
|
990
|
2.4
|
%
|
-2.5
|
%
|
-0.1
|
%
|
|
Others
|
72
|
1.2
|
%
|
5.2
|
%
|
6.4
|
%
|
|
136
|
0.6
|
%
|
4.5
|
%
|
5.1
|
%
|
Spain
Like-for-like sales in Spain were down 4.4% on an ex-petrol ex-calendar
basis (vs. -4.2% in Q1) in a persistently difficult environment.
Hypermarket like-for-like sales fell by 3.3% (-4.9% ex-petrol
ex-calendar), broadly in line with Q1 performance. Non-food sales were
down 8.9% (vs. -13.7% in Q1, impacted by strong comparatives). Food
sales were flat and signs of moderate inflation.
Carrefour Express sales were up 11.9% in total, or +1.7% on a
like-for-like basis.
Italy
Overall sales decreased by
4.5% this quarter. Like-for-likes were
down –4.5% ex-calendar ex-petrol. Ex-petrol and adjusted for calendar,
like-for-like sales in hypermarkets fell by 8%, deteriorating from Q1
(-2.9% ex-calendar ex-petrol). Supermarket activity was more resilient,
with like-for-like sales down 3.2% ex-petrol ex-calendar, slightly
improving on a Q1 performance of -5.4%.
Belgium
Like-for-like sales sales in Belgium were up 6.7% ex-petrol ex-calendar,
continuing to build on good momentum since the 2010 restructuring. As a
reminder, sales benefited from a weak comparable base, as labor
disruptions in 2010 had a negative impact on last year’s numbers. Even
while taking this benefit into account, the 10.1% increase in
hypermarket like-for-like ex-petrol ex-calendar demonstrates improved
performance compared to Q1 (+5.2% ex-petrol ex-calendar). Supermarket
sales were up 4% on a like-for-like ex-calendar basis.
Our
convenience activities were up, with a 6.4% overall (1.2% on a
like-for-like basis).
GROWTH MARKETS
-
Continued overall growth: +7.2% at constant exchange rates
-
Strong growth in Latin American sales, sustained growth in Brazil
notably with Atacadao posting double-digit like-for-like performance
-
Steady growth in China of 8.1% at constant exchange rates with
decelerating LFL sales (flat in Q2)
-
Same weak trends in Q2 in European emerging markets as seen in Q1
|
|
Second Quarter 2011
|
|
First Half 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total at
|
|
|
|
|
|
|
Total at
|
|
|
|
|
|
|
|
constant
|
|
|
|
|
|
|
constant
|
|
|
|
|
Sales inc.
|
|
|
exch.
|
Currency
|
|
|
Sales inc.
|
|
|
exch.
|
Currency
|
|
|
|
VAT
|
LFL
|
Expansion
|
rates
|
impact
|
Total
|
|
VAT
|
LFL
|
Expansion
|
rates
|
impact
|
Total
|
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
(€ m)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
(
|
%)
|
|
Growth Markets
|
7,697
|
3.5
|
%
|
3.7
|
%
|
7.2
|
%
|
-4.1
|
%
|
3.1
|
%
|
|
15,910
|
2.7
|
%
|
4.2
|
%
|
6.9
|
%
|
0.7
|
%
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America
|
4,168
|
8.1
|
%
|
4.4
|
%
|
12.5
|
%
|
-4.2
|
%
|
8.3
|
%
|
|
8,260
|
7.0
|
%
|
5.1
|
%
|
12.1
|
%
|
1.2
|
%
|
13.3
|
%
|
|
Brazil
|
3,070
|
7.1
|
%
|
5.0
|
%
|
12.1
|
%
|
-0.8
|
%
|
11.3
|
%
|
|
6,073
|
5.7
|
%
|
5.9
|
%
|
11.6
|
%
|
4.5
|
%
|
16.1
|
%
|
|
Argentina
|
696
|
17.4
|
%
|
3.3
|
%
|
20.7
|
%
|
-18.7
|
%
|
2.0
|
%
|
|
1,371
|
16.6
|
%
|
3.0
|
%
|
19.6
|
%
|
-11.7
|
%
|
7.9
|
%
|
|
Colombia
|
402
|
0.2
|
%
|
2.5
|
%
|
2.7
|
%
|
-4.4
|
%
|
-1.7
|
%
|
|
816
|
-0.3
|
%
|
3.5
|
%
|
3.2
|
%
|
0.1
|
%
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
1,768
|
-0.3
|
%
|
5.6
|
%
|
5.3
|
%
|
-6.3
|
%
|
-1.0
|
%
|
|
4,159
|
0.9
|
%
|
5.8
|
%
|
6.7
|
%
|
1.3
|
%
|
8.0
|
%
|
|
China
|
1,059
|
0.0
|
%
|
8.1
|
%
|
8.1
|
%
|
-7.8
|
%
|
0.3
|
%
|
|
2,611
|
2.2
|
%
|
8.2
|
%
|
10.4
|
%
|
-0.1
|
%
|
10.3
|
%
|
|
Taiwan
|
326
|
1.5
|
%
|
-0.2
|
%
|
1.3
|
%
|
-2.5
|
%
|
-1.2
|
%
|
|
761
|
0.8
|
%
|
-0.8
|
%
|
0.0
|
%
|
4.9
|
%
|
4.9
|
%
|
|
Indonesia
|
265
|
1.7
|
%
|
1.7
|
%
|
3.4
|
%
|
-6.4
|
%
|
-3.0
|
%
|
|
531
|
2.8
|
%
|
2.2
|
%
|
5.0
|
%
|
-0.8
|
%
|
4.2
|
%
|
|
Others countries
|
118
|
-10.9
|
%
|
8.8
|
%
|
-2.1
|
%
|
-4.6
|
%
|
-6.7
|
%
|
|
256
|
-9.5
|
%
|
9.0
|
%
|
-0.5
|
%
|
3.6
|
%
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
1,761
|
-2.9
|
%
|
0.9
|
%
|
-2.0
|
%
|
-1.8
|
%
|
-3.8
|
%
|
|
3,491
|
-4.5
|
%
|
1.5
|
%
|
-3.0
|
%
|
-1.2
|
%
|
-4.2
|
%
|
|
Poland
|
552
|
2.9
|
%
|
0.5
|
%
|
3.4
|
%
|
1.2
|
%
|
4.6
|
%
|
|
1,080
|
-0.2
|
%
|
-0.2
|
%
|
-0.4
|
%
|
+1.1
|
%
|
+0.7
|
%
|
|
Turkey
|
279
|
-9.2
|
%
|
7.3
|
%
|
-1.9
|
%
|
-12.7
|
%
|
-14.6
|
%
|
|
585
|
-8.8
|
%
|
7.1
|
%
|
-1.7
|
%
|
-7.9
|
%
|
-9.6
|
%
|
|
Romania
|
288
|
1.4
|
%
|
5.9
|
%
|
7.3
|
%
|
1.1
|
%
|
8.4
|
%
|
|
555
|
-1.4
|
%
|
6.0
|
%
|
4.6
|
%
|
-0.7
|
%
|
3.9
|
%
|
|
Greece
|
636
|
-6.6
|
%
|
0.5
|
%
|
-6.1
|
%
|
0.0
|
%
|
-6.1
|
%
|
|
1,261
|
-7.3
|
%
|
0.5
|
%
|
-6.8
|
%
|
0.0
|
%
|
-6.8
|
%
|
|
Others countries
|
5
|
0.0
|
%
|
na
|
na
|
0.0
|
%
|
-21.1
|
%
|
|
10
|
0.0
|
%
|
na
|
na
|
0.0
|
%
|
53.7
|
%
|
Latin America
Sales in Latin America increased by 12.5% at constant exchange rates
(+8.3% at current exchange rates), boosted by solid like-for-like
performance (+8.1%). Expansion in the zone remains sustained and
contributed 4.4% to the growth in sales.
Brazil recorded growth in sales of 10.2% at constant exchange
rates ex-calendar and petrol (+9.5% at current exchange rates
ex-calendar and petrol). Atacadao contributed particularly to the growth
in sales, up 20.3% at constant exchange rates, ex-calendar, supported by
expansion and strong like-for-likes. Our hypermarkets in the country
posted positive like-for-likes for the second quarter in a row thanks to
our ongoing restructuring efforts.
In Argentina, LFL sales increased by 17.1% on an ex-calendar and
ex-petrol basis while in Colombia, LFL sales decreased by 1.8% on
an ex-petrol ex-calendar basis.
Asia
Sales in Asia increased by 5.3% at constant exchange rates (-1.0% at
current exchange rates). On a like-for-like basis, sales decreased by
0.3%.
In China, sales were up 8.1% at constant exchange rates (+0.3% at
current exchange rates). On a like-for-like basis ex-calendar, sales
increased 0.2%, held back by increasing pressure on consumption
especially impacting non-food performance. New retailing regulations
also hampered the effective communication of promotional offers.
Taiwan recorded sales up 1.5% on a like-for-like basis, building
on the momentum observed in the last months.
In Indonesia, sales increased by 3.4% at constant exchange rates,
including a 1.7% increase on a like-for-like basis.
Europe
Sales in our European growth markets decreased by 2% at constant
exchange rates (-3.8% at current exchange rates), owing mainly to
persistently difficult conditions.
Like for like sales in Greece were down by 6.4% ex-petrol.
Adjusted for a positive calendar impact of 2.8%, like-for-likes were
down 9.2%, deteriorating compared to Q1 reflecting a very difficult
consumption environment.
Like-for-likes in Poland were up 2.9% this quarter (-1.2%
adjusted for calendar), slightly down on Q1’s numbers (+0.4%).
Turkey posted sales down 1.9% at constant exchange rates, with
weaker performance in like-for-likes (-9.2% on a like-for-like basis).
Our sales increased 7.3% in Romania (up 0.3% on a like-for-like
basis ex-calendar, +8.4% at current exchange rates).
EXPANSION
In the first half of 2011, excluding DIA, we opened or acquired 305 new
stores under group banners, accounting for 237,000 sqm in gross new
space. Net new space was 94,000 sqm.
Over the second quarter, we opened or acquired 176 new stores under
group banners, accounting for 147,000 gross sqm of new space. Net new
space was 89,000 sqm.
In France, in Q2, we added 15,000sqm, through new store openings
or extensions, including 4,000 sqm at hypermarkets, 3,000 sqm at
supermarkets, 8,000 sqm for convenience stores. 1 hypermarket, 2
supermarkets and 57 convenience stores were opened or acquired over the
period.
In Europe (excluding France), in Q2, we opened or acquired 7 new
hypermarkets, 23 supermarkets, 63 convenience stores and 2 Cash & Carry.
In total, we added a total of 81,000 sqm in space through acquisitions
and new store openings.
In Latin America, in Q2, 3 Atacadao, 1 hypermarket and 13
convenience stores were opened or acquired over the quarter,
representing a total of 24,000 sqm.
In Asia, in Q2, 4 hypermarkets were opened or acquired,
contributing a total of 27,000 sqm.
DEVELOPMENT OF STORE NETWORK BY BANNERS – Q2 2011
|
No. of stores
|
March 2011
|
|
Openings
|
Acquisitions
|
Closures
|
Transfers
|
Disposals
|
|
June 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypermarkets
|
1,401
|
|
16
|
0
|
2
|
0
|
0
|
|
1,415
|
|
France
|
231
|
|
1
|
0
|
0
|
0
|
0
|
|
232
|
|
Europe (ex Fr)
|
507
|
|
7
|
0
|
1
|
0
|
0
|
|
513
|
|
Latin America
|
328
|
|
4
|
0
|
0
|
0
|
0
|
|
332
|
|
Asia
|
335
|
|
4
|
0
|
1
|
0
|
0
|
|
338
|
|
|
|
|
|
|
|
|
|
|
|
|
Supermarkets
|
2,945
|
|
25
|
0
|
20
|
-1
|
0
|
|
2,949
|
|
France
|
974
|
|
2
|
0
|
2
|
0
|
0
|
|
974
|
|
Europe (ex Fr)
|
1,796
|
|
23
|
0
|
18
|
-1
|
0
|
|
1,800
|
|
Latin America
|
158
|
|
0
|
0
|
0
|
0
|
0
|
|
158
|
|
Asia
|
17
|
|
0
|
0
|
0
|
0
|
0
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience
|
5,059
|
|
133
|
3
|
82
|
1
|
0
|
|
5,114
|
|
France
|
3,210
|
|
57
|
3
|
26
|
0
|
0
|
|
3,244
|
|
Europe (ex Fr)
|
1,794
|
|
63
|
0
|
54
|
1
|
0
|
|
1,804
|
|
Latin America
|
45
|
|
13
|
0
|
0
|
0
|
0
|
|
58
|
|
Asia
|
10
|
|
0
|
0
|
2
|
0
|
0
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & carry
|
151
|
|
2
|
0
|
0
|
0
|
0
|
|
153
|
|
France
|
137
|
|
0
|
0
|
0
|
0
|
0
|
|
137
|
|
Europe (ex Fr)
|
13
|
|
2
|
0
|
0
|
0
|
0
|
|
15
|
|
Asia
|
1
|
|
0
|
0
|
0
|
0
|
0
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
9,556
|
|
176
|
3
|
104
|
0
|
0
|
|
9,631
|
|
France
|
4,552
|
|
60
|
3
|
28
|
0
|
0
|
|
4,587
|
|
Europe (ex Fr)
|
4,110
|
|
95
|
0
|
73
|
0
|
0
|
|
4,132
|
|
Latin America
|
531
|
|
17
|
0
|
0
|
0
|
0
|
|
548
|
|
Asia
|
363
|
|
4
|
0
|
3
|
0
|
0
|
|
364
|
Q2 2011 – CONSOLIDATED SALES (including VAT)
|
|
|
|
Change at current
|
Change at constant
|
|
|
Q2 2011 sales
|
Q2 2010 sales
|
exchange rates
|
exchange rates
|
|
|
(€ m)
|
(€ m)
|
(
|
%)
|
(
|
%)
|
|
France
|
9,862
|
9,707
|
1.6
|
|
1.6
|
|
|
|
|
|
|
|
|
Spain
|
2,261
|
2,237
|
1.1
|
|
1.1
|
|
|
Italy
|
1,541
|
1,615
|
-4.5
|
|
-4.5
|
|
|
Belgium
|
1,048
|
1,034
|
1.4
|
|
1.4
|
|
|
Greece
|
636
|
678
|
-6.1
|
|
-6.1
|
|
|
Poland
|
552
|
528
|
4.6
|
|
3.4
|
|
|
Turkey
|
279
|
327
|
-14.6
|
|
-1.9
|
|
|
Romania
|
288
|
265
|
8.4
|
|
7.3
|
|
|
Others
|
5
|
33
|
na
|
na
|
|
Europe
|
6,611
|
6,717
|
-1.6
|
|
-1.1
|
|
|
|
|
|
|
|
|
Brazil
|
3,070
|
2,759
|
11.3
|
|
12.1
|
|
|
Argentina
|
696
|
682
|
2.0
|
|
20.7
|
|
|
Colombia
|
402
|
409
|
-1.7
|
|
2.7
|
|
|
Latin America
|
4,168
|
3,850
|
8.3
|
|
12.5
|
|
|
|
|
|
|
|
|
China
|
1,059
|
1,056
|
0.3
|
|
8.1
|
|
|
Taiwan
|
326
|
330
|
-1.2
|
|
1.3
|
|
|
Malaysia
|
93
|
102
|
-8.9
|
|
-4.0
|
|
|
Indonesia
|
265
|
273
|
-3.0
|
|
3.4
|
|
|
Singapore
|
20
|
25
|
-21.1
|
|
-20.3
|
|
|
India
|
6
|
0
|
na
|
na
|
|
Asia
|
1,768
|
1,786
|
-1.0
|
|
5.3
|
|
|
|
|
|
|
|
|
Group
|
22,409
|
22,060
|
1.6
|
|
3.0
|
|
CONSOLIDATED SALES INC. VAT EX-PETROL FOR G4
|
|
Second Quarter 2011
|
|
First Half 2011
|
|
|
|
|
|
|
|
|
|
Like-for-like ex-petrol (%)
|
Change at constant exchange rates ex-petrol (%)
|
|
Like-for-like ex-petrol (%)
|
Change at constant exchange rates ex-petrol (%)
|
|
France
|
0.0
|
0.4
|
|
-0.5
|
-0.2
|
|
Hypermarkets
|
-1.7
|
-1.4
|
|
-2.1
|
-1.9
|
|
Supermarkets
|
1.3
|
2.2
|
|
1.0
|
1.4
|
|
Others
|
5.0
|
4.8
|
|
4.5
|
4.5
|
|
|
|
|
|
|
|
|
Western Europe (G3)
|
-0.7
|
-2.1
|
|
-2.4
|
-4.2
|
|
|
|
|
|
|
|
|
Spain
|
-2.8
|
-1.3
|
|
-4.4
|
-3.1
|
|
Hypermarkets
|
-3.3
|
-3.2
|
|
-4.8
|
-4.6
|
|
Supermarkets
|
0.1
|
10.8
|
|
-1.8
|
7.3
|
|
Others
|
22.8
|
78.1
|
|
13.3
|
56.6
|
|
|
|
|
|
|
|
|
Italy
|
-2.6
|
-5.3
|
|
-3.9
|
-7.5
|
|
Hypermarkets
|
-4.9
|
-6.8
|
|
-5.1
|
-8.0
|
|
Supermarkets
|
-2.0
|
-7.3
|
|
-4.4
|
-10.1
|
|
Others
|
1.2
|
2.1
|
|
-0.3
|
-0.7
|
|
|
|
|
|
|
|
|
Belgium
|
7.1
|
1.3
|
|
4.7
|
-1.3
|
|
Hypermarkets
|
11.0
|
-0.3
|
|
7.6
|
-3.4
|
|
Supermarkets
|
4.2
|
2.2
|
|
2.4
|
-0.1
|
|
Others
|
1.2
|
6.4
|
|
0.6
|
5.1
|
2010 CONSOLIDATED STATEMENT OF INCOME PROFORMA
The half- and full-year 2010 income statements presented below take into
account following:
-
Deconsolidation of Thailand
-
Deconsolidation of DIA
-
Restatement impact of Brazil
|
In millions of euros
|
FY 2010
|
|
HY 2010
|
|
|
|
|
|
|
Sales, net of taxes
|
80,511
|
|
|
38,710
|
|
|
Loyalty program
|
(774
|
)
|
|
(377
|
)
|
|
Other revenues
|
2,103
|
|
|
1,020
|
|
|
Total revenues
|
81,840
|
|
|
39,353
|
|
|
Cost of sales
|
(63,969
|
)
|
|
(30,925
|
)
|
|
Margin of current activities
|
17,871
|
|
|
8,428
|
|
|
SG&A
|
(13,494
|
)
|
|
(6,605
|
)
|
|
EBITDA
|
4,377
|
|
|
1,823
|
|
|
Depreciation & provisions
|
(1,675
|
)
|
|
(833
|
)
|
|
Current operating income
|
2 ,701
|
|
|
989
|
|
|
Non current income and expenses
|
(999
|
)
|
|
(353
|
)
|
|
Operating income
|
1,703
|
|
|
636
|
|
|
Financial result
|
(648
|
)
|
|
(349
|
)
|
|
Result before tax
|
1,055
|
|
|
287
|
|
|
Income tax
|
(610
|
)
|
|
(238
|
)
|
|
Net income from recurring operation of
|
445
|
|
|
49
|
|
|
Consolidated companies
|
|
|
|
|
Equity accounted companies
|
34
|
|
|
14
|
|
|
Net income from recurring operation
|
479
|
|
|
63
|
|
|
Minority interests
|
(136
|
)
|
|
(49
|
)
|
Net income from recurring operation- Group Share
|
343
|
|
|
14
|
|
|
Discontinuing operations Group Share
|
90
|
|
|
83
|
|
|
Discontinuing operations Minority Interest
|
0
|
|
|
0
|
|
|
Total net income
|
568
|
|
|
146
|
|
|
Net income- Group Share
|
433
|
|
|
97
|
|
|
Current Operating income (In millions of euros)
|
FY 2010
|
HY 2010
|
|
France
|
1,275
|
503
|
|
Europe
|
706
|
213
|
|
Latam
|
435
|
152
|
|
Asia
|
286
|
121
|
|
TOTAL
|
2,701
|
989
|
