Carrefour: SOLID ORGANIC SALES GROWTH IN Q1 2014, UP BY +3.7%

Regulatory News:

Carrefour (Paris:CA)

First quarter 2014 consolidated sales inc. VAT ¹

In the first quarter of 2014, Carrefour’s sales faced a significant -7.4% impact from the combination of a currency effect (-5.3%), the lag in the Easter holidays (-1.3%) which will take place in April this year and took place in March last year, and a drop in petrol prices (-0.7%). Excluding this triple impact, Carrefour’s organic sales rose by +3.7%.

Total sales under banners including petrol in Q1 2014 stood at €23.6bn, up 1.5% at constant exchange rates.

EUROPE

First quarter 2014 sales inc. VAT

The calendar effect in Europe is estimated at -1.0% in the quarter, of which -1.2% in France and -0.7% elsewhere in Europe. The drop in petrol prices had an impact of -0.8%.

Excluding these effects, organic sales in Europe were up by +0.4% (+0.5% LFL).

France

In France, organic sales were up by +1.4%. Sales grew again this quarter in all formats. Petrol sales had an impact of -1.1% on sales, essentially due to lower oil prices.

Organic and LFL sales at Hypermarkets rose by +0.7%. Food sales grew again this quarter.

Organic sales at Supermarkets increased by +1.1% (+1.8% LFL).

Convenience and other formats posted organic growth of +5.7%.

Other European countries

Organic sales in Other European countries were resilient, dropping by -1.2%.

In Spain, they rose for the second consecutive quarter, with growth of +1.1% (+0.6% LFL). Sales were also up in Belgium by +0.8% (+1.5% LFL). The economic environment remains challenging in Italy where organic sales were down by -5.6% (-5.9% LFL).

EMERGING MARKETS

First quarter 2014 sales inc. VAT

Organic sales in Emerging markets were up by +10.5% (+7.2% LFL).

These figures exclude the calendar effect, estimated at -2.0% in the quarter (-2.6% in Latin America and -1.0% in Asia), the currency effect of -17.8%, and the positive petrol impact of 0.2%.

Latin America

Organic sales in Latin America were up by +15.2%. Currencies had a negative impact of -26.2% in the quarter due to the depreciation of the Brazilian real and the Argentine peso.

In Brazil, growth continued in all formats. Organic sales grew by +8.3% (+6.4% LFL), accelerating over the fourth quarter of 2013, despite a significant slowdown in commodity inflation year-on-year. Argentina’s organic sales grew by +39.1%, of which +36.5% LFL.

Asia

Organic sales in Asia were up by +2.1%.

In China, they were up by +2.0% (-3.1% LFL) while in Taiwan they rose by +1.6% (-0.8% LFL).

APPENDIX

First quarter 2014 LFL sales

EXPANSION UNDER BANNERS – Q1 2014

In Q1 2014, Carrefour opened or acquired 117,000 gross sq. m. Net of disposals and closures, the network added 88,000 sq. m in the quarter.

STORE NETWORK UNDER BANNERS – Q1 2014

In Q1 2014, Carrefour opened or acquired 208 stores. Net of disposals and closures, the network added 123 stores in the quarter.

DEFINITIONS

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

Organic sales 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.

¹ Figures are proforma, excluding discontinued activities

² Maghreb, Middle East and Dominican Republic.