Carrefour: Strong Sales Growth in the First Quarter of 2015

Regulatory News:

Carrefour (Paris:CA):

• First quarter 2015 sales: €21.0bn, up +6.2% in total and +3.2% on an organic basis
• France: Total growth ex petrol of +7.9% and organic growth of +2.6%
  • Continued growth in all formats
  • Integration of the DIA France stores
• International: Total growth of +8.4% and organic sales growth of +3.6%
  • Sales growth in Europe
  • Continued excellent performance in Latin America
  • Deployment of our action plan in China

First quarter 2015 consolidated sales inc. VAT

The Group posted sales of €21,005m. In the quarter, currencies had a favourable impact (+2.1%) and the calendar effect was slightly positive (+0.3%). Petrol prices had an unfavourable impact of -2.1%.

Total sales under banners including petrol stood at €25.4bn in the first quarter of 2015, up +7.7% at current exchange rates.

FIRST QUARTER 2015 SALES INC. VAT

France

In the first quarter, France recorded total ex petrol growth of +7.9% (including the DIA France stores). Organic growth was solid, at +2.6%.

The evolution of petrol prices had an unfavourable impact of 4.3% this quarter.

Organic sales at hypermarkets were up by +2.2% and LFL sales increased by +2.1%. Food sales posted further growth, while non-food sales were almost flat.

Organic sales at supermarkets rose by +2.0%. LFL sales were up +2.5%.

Convenience and other formats confirmed their momentum with organic growth of +6.2%.

International

Organic sales in international markets grew by +3.6% (+2.2% LFL). The calendar effect was +0.6% this quarter and the currency effect was +4.0%.

In other European countries, organic sales were up +0.9%.

On a like-for like basis, Spain recorded further growth with sales up +0.3% in the quarter. Trends improved in Italy where LFL sales were down 1.0%. LFL sales continued to grow in Belgium (+2.1%) and were also up in Poland and in Romania.

Organic sales in Latin America grew by +16.6%. Currencies had a favourable effect of +2.3%.

In Brazil, organic sales were up by +13.1% (+8.4% LFL) on the back of an already strong comparable base of +8.3% in Q1 2014. Growth continued in all formats. Organic sales in Argentina grew by +28.0%, of which +26.1% LFL.

Total sales in Asia rose by +6.6%, including a positive currency effect. Organic sales were down by 10.5% on a positive comparable base.

In China, in an environment that continued to be marked by frugal consumption, organic sales were down 13.0%. In that country, we have initiated the deployment of our action plan as part of the evolution of our model. In Taiwan, LFL sales returned to positive territory, up +0.7% (down 0.6% on an organic basis).

Variation of first quarter 2015 sales

EXPANSION UNDER BANNERS – First quarter 2015

In Q1 2015, Carrefour opened or acquired 670,000 gross sq. m. Net of disposals and closures, the network added 630,000 sq. m in the quarter.

STORE NETWORK UNDER BANNERS – First quarter 2015

In Q1 2015, Carrefour opened or acquired 1,086 stores. Net of disposals and closures, the network added 987 stores in the quarter, bringing the total network to 11,847 stores at the end of March.

¹ Maghreb, Middle East and Dominican Republic.

DEFINITIONS

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.

Note: LFL and organic growth numbers are presented ex calendar and ex petrol.