Carrefour: Accelerating sales growth in 2013; Continued solid momentum in the fourth quarter

Thu Jan 16, 2014 1:30am EST

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Carrefour: Accelerating sales growth in 2013; Continued solid momentum in the fourth quarter

Full-year 2013 sales: €84.3bn, organic growth of +2.5%1

  • Growth rebounds in France: +1.3%
  • Continued momentum of International activities: +3.5% including +12.6% in Latin America

Q4 2013 sales: €22.2bn, organic growth of +3.2%1

  • France: another quarter of growth in all formats, +1.7%
  • Solid performance in International activities: sales up +4.2%; continued growth in emerging markets, Spain returns to positive territory with growth of +1.7%

2013 Recurring Operating Income:

  • The Group is comfortable with the consensus, which stands at €2.19bn

Regulatory News:

Carrefour (Paris:CA):

Full-year 2013 sales inc. VAT2

 

  €m   Total
growth
  Organic growth
ex. petrol
  Organic growth
ex. petrol
ex. calendar
France 39,726 +0.2% +1.0% +1.3%
International 44,598 -2.5% +3.4% +3.5%
Total Group 84,324 -1.2% +2.3% +2.5%
 

For the full-year 2013, total sales under banners stood at €100.2bn, up 1.5% at constant exchange rates.

Fourth quarter 2013 sales inc. VAT2

 

  €m   Total
growth
  Organic growth
ex. petrol
  Organic growth
ex. petrol
ex. calendar
France 10,604 +0.3% +2.0% +1.7%
International 11,593 -3.1% +4.3% +4.2%
Total Group 22,197 -1.5% +3.4% +3.2%
 

In Q4, the currency effect for the group was -3.8%. The calendar effect is estimated at +0.3% for France and +0.1% for international activities.

Total sales under banners including petrol in Q4 2013 stood at €26.2bn, up 2.2% at constant exchange rates.

FRANCE

Fourth quarter 2014 sales inc. VAT

    €m     Change inc. petrol     Change ex-petrol    

Change ex.petrol
ex. calendar

LFL  

Organic
growth

  Total LFL  

Organic
growth

  Total Organic growth
Hypermarkets 6,097 0.0%   +0.3%   +0.3% +1.4%   +1.7%   +1.7% +1.3%
Supermarkets 3,376 +0.4% -0.5% -0.5% +2.9% +1.8% +1.8% +2.1%
Convenience and other formats 1,131 +2.2%   +2.7%   +2.7% +4.4%   +4.6%   +4.6% +4.3%
France 10,604 +0.4%   +0.3%   +0.3% +2.2%   +2.0%   +2.0% +1.7%
 

Organic3 sales in France were up 1.7%. Sales grew for the second consecutive quarter in all formats. The variation in petrol sales impacted sales in France by -1.7%.

Sales excluding petrol at Hypermarkets were up 1.7% (+1.4% LFL). Organic3 sales were up 1.3%. Food sales grew, confirming their improvement.

Sales excluding petrol at Supermarkets were up 1.8% (+2.9% LFL). Organic3 sales were up 2.1%.

Convenience and other formats posted a 4.6% rise in sales excluding petrol (+4.4% LFL).

INTERNATIONAL

Fourth quarter 2013 sales inc. VAT4

 

    €m    

Change at constant exch. rates
inc. petrol

   

Change at constant exch. rates
ex. petrol

   

Change at
current
exch.
rates inc.
petrol

   

Change ex.
petrol ex.
calendar

LFL  

Organic
growth

  Total LFL  

Organic
growth

  Total Total

Organic
growth

Other European countries 5,991 -1.6% -1.0% -0.7% -1.4% -0.7% -0.4% -0.8% -0.7%
Latin America 3,973 +11.3% +12.7% +11.9% +11.1% +12.6% +11.8% -6.9% +12.6%
Asia 1,629 -2.9%   +1.3%   +1.3% -2.9%   +1.3%   +1.3% -1.9% +0.7%
International 11,593 +2.7%   +4.2%   +4.1% +2.8%   +4.3%   +4.2% -3.1% +4.2%
 

The Group’s international sales were up 4.1% at constant exchange rates (+2.7% LFL). Organic5 sales were up 4.2%.

Other European countries

Sales in Europe were resilient, dropping 0.4% excluding petrol. There was no currency effect in the quarter.

Sales in Spain were up 1.2% this quarter (+0.2% LFL), confirming the improved momentum recorded throughout 2013. Organic5 sales were up 1.7%. The economic environment remained challenging in Italy where sales dropped 4.6% (-5.8% LFL). In Belgium, sales rose 1.1% this quarter, with stable LFL sales.

Latin America

Sales were up 11.9% at constant exchange rates and organic sales were up 12.7% in Latin America. The calendar effect was neutral. Currencies had a negative impact of 18.8% in the quarter due to the depreciation of the Brazilian real and the Argentine peso against the euro.

In Brazil, growth continued in all formats. Organic sales were up 6.8% (+5.6% LFL) in a context of slowing inflation for commodities. Argentina posted organic sales growth of 32.3%, of which 29.7% LFL.

Asia

Organic sales in Asia were up 1.3%.

In China, organic sales were up 1.4% (-3.1% LFL) in a slowing consumption environment. In Taiwan, organic sales were stable.

FULL-YEAR 2013 SALES INC. VAT6

 

    €m    

Change at constant exch. rates
inc. petrol

   

Change at constant exch. rates
ex. petrol

   

Change
at current
exch.
rates
inc.
petrol

   

Change ex.
petrol ex.
calendar

LFL  

Organic
growth

  Total LFL  

Organic
growth

  Total Total

Organic
growth

Hypermarkets 21,918 -0,3%   +0.1%   +0.1% +0.2%   +0.7%   +0.7% +0.1% +1.0%
Supermarkets 13,253 +0,2% -0.7% -0.7% +0.9% +0.6% +0.6% -0.7% +1.0%
Convenience and others 4,556 +3,8%   +3.7%   +3.7% +3.7%   +4.0%   +4.0% +3.7% +4.2%
France 39,726 +0,3%   +0.2%   +0.2% +0.8%   +1.0%   +1.0% +0.2% +1.3%
Other European countries 21,790 -2.9% -2.8% -2.6% -2.8% -2.8% -2.5% -2.6% -2.6%
Latin America 15,536 +11.2% +12.4% +12.2% +10.9% +12.3% +12.1% -3.7% +12.6%
Asia 7,272 -1.9%   +2.2%   +2.2% -1.9%   +2.2%   +2.2% +0.8% +1.9%
International 44,598 +2.2%   +3.4%   +3.4% +2.1%   +3.4%   +3.4% -2.5% +3.5%
Group 84,324 +1.3%   +1.9%   +1.9% +1.6%   +2.3%   +2.4% -1.2% +2.5%
 

EXPANSION UNDER BANNERS – Q4 2013

In Q4 2013, Carrefour opened or acquired 264,000 gross sq.m and 579,000 gross sq. m in the full year. Net of disposals and closures, the network added 213,000 sq. m in Q4 2013 and added 227,000 sq. m in the full year.

Thousands of sq. m    

31 Dec.
20127

   

30 Sep.
2013

   

Opening/Store
enlargements

    Acquisitions    

Closures/
Store
reductions

    Transfers     Disposals    

Total Q4
2013 change

   

31 Dec.
2013

France     5,075     5,061     18         -8             10     5,071
Europe (ex. Fr) 5,630 5,499 67 -28 40 5,539
Latin America 2,045 2,065 30 -7 23 2,088
Asia 2,592 2,644 126 -5 121 2,765
Others8     608     689     23           -1                 22     712
Group     15,949     15,958     264           -49                 215     16,176
 

STORE NETWORK UNDER BANNERS – Q4 2013

In Q4 2013, Carrefour opened or acquired 313 stores (+810 over the full year). Net of disposals and closures, the network added 212 stores in Q4 2013 (+110 stores in the full year).

No. of stores    

31 Dec.
20127

   

30 Sep. 2013

    Openings     Acquisitions     Closures     Transfers     Diposals    

Total Q4
2013 change

   

31 Dec.
2013

Hypermarkets     1,366     1,386     24           -2     13           35     1,421
France     232     234                                         234
Europe (ex Fr)     457     460     2                 13           15     475
Latin America     272     273     5           -1                 4     277
Asia     350     357     15           -1                 14     371

Others8

    55     62     2                             2     64
Supermarkets     2,986     2,878     73           -21     -13           38     2,917
France     964     949                                         949
Europe (ex Fr)     1,728     1,624     66           -20     -13           32     1,656
Latin America     168     168     1                             1     169
Asia     16     17                                         17
Others8     110     120     6           -1                 5     126
Convenience     5,479     5,456     214           -78                 137     5,593
France     3,405     3,425     85           -52                 33     3,458
Europe (ex Fr)     1,819     1,717     102           -25                 78     1,795
Latin America     235     292     25           -1                 24     316
Asia     0     0                                         0
Others8     20     22     2                             2     24
Cash & carry     164     173     2           -1                 1     174
France     140     139                 -1                 -1     138
Europe (ex Fr)     14     19                                         19
Asia     4     4     1                             1     5
Others8     6     11     1                             1     12
Group     9,995     9,893     313           -102                 212     10,105
France     4,741     4,747     85           -53                 32     4,779
Europe (ex Fr)     4,018     3,820     170           -45                 125     3,945
Latin America     675     733     31           -2                 29     762
Asia     370     378     16           -1                 15     393
Others8     191     215     11           -1                 10     226
                                   

DEFINITIONS

LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures.

Organic sales growth: LFL sales plus net openings over the past twelve months, including temporary store closures.

Sales under banners: Total sales under banners including sales by franchisees and international partnerships.

1 Ex. petrol and ex. calendar. Organic growth is at constant exchange rates.

2 Figures are proforma, excluding discontinued activities.

3 Ex. petrol and ex. calendar. Organic growth is at constant exchange rates.

4 Figures are proforma, excluding discontinued activities.

5 Ex. petrol and ex. calendar. Organic growth is at constant exchange rates.

6 Figures are proforma, excluding discontinued activities.

7 The store network as of 31 December 2012 takes into account the reclassification of 469 franchised stores from the supermarket format to the convenience store format.

8 Maghreb, Middle East and Dominican Republic.

Carrefour
Investor Relations:
Réginald Gillet, Alessandra Girolami, Matthew Mellin
Tel: +33 (0)1 41 04 26 00
or
Shareholder Relations
Tel: +33 (0)805 902 902 (toll-free in France)
or
Group Communication
Tel: +33 (0)1 41 04 26 17

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