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18.07.2013 08:01:00
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Carrefour: Sales Growth in the Second Quarter of 1.3% at Constant Exchange Rates
Regulatory News:
Carrefour (Paris:CA):
Q2 2013 consolidated sales inc. VAT: €20.5bn, up 1.3% at constant exchange rates; ex. calendar and ex. petrol, organic growth of 2.2%. The continued depreciation of the Brazilian and Argentine currencies had a negative impact of 1.9% over the quarter.
- France: Ex. calendar sales up 1.3%; broadly flat on a reported basis (-0.2%). In a challenging environment and despite adverse weather conditions, hypermarkets continued to recover. Other formats performed well.
- International: Sales up 2.6% at constant exchange rates and organic growth of 2.3%. Sales in Southern Europe remained difficult. Continued growth in Latin America, and resumption of growth in China.
H1 2013 consolidated sales inc. VAT: €41.0bn, up 1.3% at constant exchange rates; ex. calendar and ex. petrol, organic growth of 2.1%.
Second quarter 2013 sales inc. VAT1
|
|
€m |
Change at
|
Change at
|
Change at
|
Change
|
||||||||||||||||||||||||
| LFL |
Organic |
Total | LFL |
Organic |
Total | Total |
Organic |
||||||||||||||||||||||
| France | 9,654 | -0.6% | -0.2% | -0.2% | -1.1% | -0.2% | -0.2% | -0.2% | +1.3% | ||||||||||||||||||||
| International | 10,806 | +0.9% | +2.3% | +2.6% | +0.8% | +2.2% | +2.6% | -1.0% | +2.7% | ||||||||||||||||||||
| Total Group | 20,460 | +0.2% | +1.1% | +1.3% | 0.0% | +1.3% | +1.4% | -0.6% | +2.2% | ||||||||||||||||||||
First half 2013 sales inc. VAT1
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|
€m |
Change at
constant exch. rates |
Change at
constant exch. rates |
Change at
|
Change ex. petrol ex. calendar |
||||||||||||||||||||||||
| LFL |
Organic |
Total | LFL |
Organic |
Total | Total |
Organic |
||||||||||||||||||||||
| France | 18,968 | -0.6% | -0.4% | -0.4% | -1.3% | -0.6% | -0.6% | -0.4% | +0.7% | ||||||||||||||||||||
| International | 22,048 | +1.1% | +2.6% | +2.8% | +1.0% | +2.5% | +2.8% | -1.4% | +2.9% | ||||||||||||||||||||
| Total Group | 41,016 | +0.3% | +1.2% | +1.3% | +0.1% | +1.3% | +1.4% | -1.0% | +2.1% | ||||||||||||||||||||
Sales under banners
Total sales under banners3 including petrol for Q2 2013 stood at €24.3bn, up 0.6% at constant exchange rates (-1.1% at current exchange rates). In H1 2013, total sales under banners was €48.6bn, up 0.6% at constant exchange rates (-1.3% at current exchange rates).
FRANCE
Second quarter 2013 sales inc. VAT
| €m | Change inc. petrol | Change ex. petrol |
Change ex. petrol |
||||||||||||||||||||||
| LFL |
Organic |
Total | LFL |
Organic |
Total |
Organic |
|||||||||||||||||||
| Hypermarkets | 5,202 | -1.2% | -0.5% | -0.5% | -1.1% | -0.4% | -0.4% | +1.2% | |||||||||||||||||
| Supermarkets | 3,276 | -0.8% | -1.4% | -1.4% | -1.8% | -1.4% | -1.4% | -0.1% | |||||||||||||||||
| Convenience and other formats | 1,176 | +3.0% | +4.8% | +4.8% | +0.8% | +3.6% | +3.6% | +4.6% | |||||||||||||||||
| France | 9,654 | -0.6% | -0.2% | -0.2% | -1.1% | -0.2% | -0.2% | +1.3% | |||||||||||||||||
Organic sales in France were up 1.3% excluding the negative calendar impact estimated at -1.5%; they were broadly stable at -0.2% on a reported basis, in a context marked by unfavorable weather conditions. The impact of petrol sales on overall sales growth is broadly neutral this quarter.
Excluding the calendar impact, organic sales at Hypermarkets were up 1.2% excluding petrol and up 1.1% including petrol. On a reported basis, they were down 0.5% (-0.4% ex. petrol). Food sales continued to grow this quarter.
Excluding the calendar impact, organic sales at Supermarkets were stable at -0.1%, both including and excluding petrol. On a reported basis, they were down 1.4% both including and excluding petrol.
Excluding the calendar impact, Convenience and other formats posted organic sales growth of 4.6% excluding petrol (+5.8% including petrol). On a reported basis, sales were up 4.8% (+3.6% excluding petrol).
INTERNATIONAL
Second quarter 2013 sales inc. VAT5
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|
€m |
Change at
constant exch. rates inc. petrol |
Change at
constant exch. rates ex. petrol |
Change at
|
Change ex. petrol ex. calendar |
||||||||||||||||||||||||
| LFL |
Organic |
Total | LFL |
Organic |
Total | Total |
Organic |
||||||||||||||||||||||
| Other European countries | 5,237 | -4.2% | -4.5% | -4.2% | -4.3% | -4.5% | -4.2% | -4.1% | -3.9% | ||||||||||||||||||||
| Latin America | 3,884 | +8.5% | +11.0% | +11.7% | +8.0% | +10.7% | +11.5% | +1.2% | +11.3% | ||||||||||||||||||||
| Asia | 1,685 | -0.1% | +4.2% | +4.2% | -0.1% | +4.2% | +4.2% | +4.3% | +4.4% | ||||||||||||||||||||
| International | 10,806 | +0.9% | +2.3% | +2.6% | +0.8% | +2.2% | +2.6% | -1.0% | +2.7% | ||||||||||||||||||||
The Group’s international sales were up 2.6% at constant exchange rates; ex. calendar and ex. petrol, organic sales were up 2.7%. Sales in Europe continued to be impacted by weak consumption, particularly in Southern Europe. Growth continued in Latin America and sales in Asia returned to growth this quarter.
Other European countries
Organic sales were down 4.5% in Europe in the second quarter. Excluding the calendar effect estimated at -0.6%, organic sales were down 3.9%. Currencies had a broadly neutral effect.
Sales in the area were affected by unfavorable weather conditions, which came on top of the adverse impact on consumption of the economic environment that Europe has been facing for several quarters. In Italy, organic sales decreased by 11.2% (-9.9% LFL), and by 0.4% in Belgium (-1.0% LFL). Spain held up better sequentially this quarter, with a drop in organic sales of 1.7% (-2.6% LFL).
Latin America
Sales were up 11.7% at constant exchange rates in Latin America and organic sales rose 11.0%. Excluding the calendar effect and excluding petrol, organic sales were up 11.3%. Currencies had a negative impact of 10.5% this quarter due to the continued depreciation of the Brazilian real and the Argentine peso against the euro.
In Brazil, growth remained strong in all formats, with organic sales up 9.5% (LFL +7.1%). Argentina saw its sales grow by 23.8% at constant exchange rates, including organic growth of 16.2%, in a regulatory context characterized by the continuation of a price freeze.
Asia
Excluding the calendar effect, organic sales were up 4.4%.
In China, organic sales grew by 4.6% at constant exchange rates. LFL sales turned positive with an increase of 0.4% in the quarter. In Taiwan, sales were up.
H1 2013 SALES7
|
|
€m |
Change at
constant exch. rates inc. petrol |
Change at
constant exch. rates ex. petrol |
Change at
|
Change
ex. petrol |
||||||||||||||||||||||||
| LFL |
Organic |
Total | LFL |
Organic |
Total | Total |
Organic |
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| Hypermarkets | 10,267 | -1.6% | -1.2% | -1.2% | -2.0% | -1.5% | -1.5% | -1.2% | 0.0% | ||||||||||||||||||||
| Supermarkets | 6,454 | -0.4% | -1.0% | -1.0% | -1.2% | -0.7% | -0.7% | -1.0% | +0.3% | ||||||||||||||||||||
| Convenience & other formats | 2,247 | +3.9% | +5.1% | +5.1% | +2.1% | +4.1% | +4.1% | +5.1% | +5.2% | ||||||||||||||||||||
| Total France | 18,968 | -0.6% | -0.4% | -0.4% | -1.3% | -0.6% | -0.6% | -0.4% | +0.7% | ||||||||||||||||||||
| Other European countries | 10,389 | -4.1% | -4.3% | -4.1% | -4.1% | -4.4% | -4.1% | -4.0% | -3.8% | ||||||||||||||||||||
| Latin America | 7,852 | +9.9% | +12.5% | +12.8% | +9.6% | +12.4% | +12.8% | +0.5% | +12.9% | ||||||||||||||||||||
| Asia | 3,807 | -2.3% | +1.9% | +1.9% | -2.3% | +1.9% | +1.9% | +2.1% | +1.6% | ||||||||||||||||||||
| International | 22,048 | +1.1% | +2.6% | +2.8% | +1.0% | +2.5% | +2.8% | -1.4% | +2.9% | ||||||||||||||||||||
| Group | 41,016 | +0.3% | +1.2% | +1.3% | +0.1% | +1.3% | +1.4% | -1.0% | +2.1% | ||||||||||||||||||||
EXPANSION UNDER BANNERS – Q2 2013
In Q2 2013, we opened or acquired 79,000 gross m² (108,000 m² in H1). Net of disposals or closures, the network added 24 000 m² (45 000 m² in H1).
| Openings/ | Closures/ | Total Q2 | |||||||||||||||||||
| 31 Dec. | 31 March | Store | Store | 2013 | 30 June | ||||||||||||||||
| Thousands of m² | 2012 | 2013 | enlargements | Acquisitions | reductions | Transfers | Disposals | change | 2013 | ||||||||||||
| France | 5,075 | 5,060 | 8 | 1 | -4 | -4 | 1 | 5,061 | |||||||||||||
| Europe (ex. France) | 5,629 | 5,621 | 26 | -34 | -1 | -9 | 5,613 | ||||||||||||||
| Latin America | 2,045 | 2,054 | 2 | 2 | 2,057 | ||||||||||||||||
| Asia | 2,592 | 2,604 | 16 | -13 | 4 | 2,608 | |||||||||||||||
| Others 9 | 608 | 631 | 28 | -3 | 25 | 656 | |||||||||||||||
| Group | 15,949 | 15,970 | 80 | 1 | -53 | -1 | -4 | 24 | 15,994 |
STORE NETWORK UNDER BANNERS – Q2 2013
In Q2 2013, Carrefour opened or acquired 178 stores (322 in H1 2013). Net of disposals and closures, the network grew by 66 stores (108 stores in H1).
| No of stores | 31 Dec. | 31 March | Openings | Acquisitions | Closures | Transfers | Disposals | Total Q2 | 30 June | ||||||||||
| 2012 | 2013 | 2013 change | 2013 | ||||||||||||||||
| Hypermarkets | 1,366 | 1,373 | 6 | -4 | -1 | 1 | 1,374 | ||||||||||||
| France | 232 | 232 | 232 | ||||||||||||||||
| Europe (ex France) | 457 | 461 | 1 | -2 | -1 | -2 | 459 | ||||||||||||
| Latin America | 272 | 273 | 0 | 273 | |||||||||||||||
| Asia | 350 | 352 | 2 | -2 | 0 | 352 | |||||||||||||
|
Others 9 |
55 | 55 | 3 | 3 | 58 | ||||||||||||||
| Supermarkets | 3,454 | 3,437 | 19 | -20 | 1 | -2 | -2 | 3,435 | |||||||||||
| France | 964 | 954 | 1 | -2 | -1 | 953 | |||||||||||||
| Europe (ex France) | 2,176 | 2,166 | 10 | -18 | -8 | 2,158 | |||||||||||||
| Latin America | 168 | 168 | 0 |
168 |
|||||||||||||||
| Asia | 16 | 15 | 2 | 2 | 17 | ||||||||||||||
| Others 9 | 130 | 134 | 7 | -2 | 5 | 139 | |||||||||||||
| Convenience | 5,010 | 5,053 | 152 | 1 | -85 | 0 | 68 | 5,121 | |||||||||||
| France | 3,405 | 3,406 | 50 | 1 | -38 | -1 | 12 | 3,418 | |||||||||||
| Europe (ex France) | 1,370 | 1,391 | 85 | -47 | 1 | 39 | 1,430 | ||||||||||||
| Latin America | 235 | 256 | 17 | 17 | 273 | ||||||||||||||
| Asia | 0 | 0 | 0 | 0 | |||||||||||||||
| Others 9 | 0 | 0 | 0 | 0 | |||||||||||||||
| Cash & carry | 164 | 173 | -1 | -1 | 172 | ||||||||||||||
| France | 140 | 140 | 0 | 140 | |||||||||||||||
| Europe (ex France) | 14 | 20 | -1 | -1 | 19 | ||||||||||||||
| Asia | 4 | 4 | 0 | 4 | |||||||||||||||
| Others 9 | 6 | 9 | 0 | 9 | |||||||||||||||
| Group | 9,994 | 10,036 | 177 | 1 | -110 | 0 | -2 | 66 | 10,102 | ||||||||||
| France | 4,741 | 4,732 | 50 | 1 | -38 | -2 | 11 | 4, 743 | |||||||||||
| Europe (ex France) | 4,017 | 4,038 | 96 | -68 | 28 | 4,066 | |||||||||||||
| Latin America | 675 | 697 | 17 | 0 | 17 | 714 | |||||||||||||
| Asia | 370 | 371 | 4 | -2 | 2 | 373 | |||||||||||||
| Others 9 | 191 | 198 | 10 | -2 | 8 | 206 |
AGENDA
August 29, 2013: 2013 first-half results
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1 |
Variations are pro-forma with activities in Greece, Singapore, Colombia, Malaysia, Indonesia and Turkey reclassified as Discontinued Activities as of Jan. 1, 2012, in accordance with IFRS 5. |
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2 |
LFL sales plus net openings over the past twelve months. |
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3 |
Total sales under banners including sales by franchisees and international partnerships |
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4 |
LFL sales plus net openings over the past twelve months. |
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5 |
Variations are pro-forma with activities in Greece, Singapore, Colombia, Malaysia, Indonesia and Turkey reclassified as Discontinued Activities as of Jan. 1, 2012, in accordance with IFRS 5. |
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6 |
LFL sales plus net openings over the past twelve months. |
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7 |
Variations are pro-forma with activities in Greece, Singapore, Colombia, Malaysia, Indonesia and Turkey reclassified as Discontinued Activities as of Jan. 1, 2012, in accordance with IFRS 5. |
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8 |
LFL sales plus net openings over the past twelve months. |
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9 |
Maghreb, Middle East and Dominican Republic. |
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