- Excellent sales momentum in Q3: +8.4% on a like-for-like
basis (LFL), best performance in at least 20 years
- Successful roll-out of actions focused on customer
satisfaction: NPS® acceleration of +4 points since end-June(1),
including +7 points in France
- In Brazil (+26.0% LFL): Record growth thanks to an unmatched
ecosystem
- Carrefour Retail (+26.6% LFL)
fully benefited from the repositioning launched in 2018
- Customers favor Atacadão
(+25.8% LFL), the market’s most competitive commercial
model
- In France (+3.8% LFL): Positive customer response to
initiatives to improve their satisfaction
- The transformation is
accelerating in hypermarkets (+2.5% LFL)
- Supermarkets (+4.9% LFL) and
convenience (+5.3% LFL) continued on a positive
trajectory
- In Spain (+6.3% LFL): Another strong performance, reflecting
Carrefour’s attractiveness
- Strong growth in food e-commerce: Above +65% in Q3
- Constant commitment by Carrefour since the beginning of the
pandemic, with rigorous application of measures to protect the
health of customers and employees. Ongoing evaluation of sanitary
measures. Certification by third parties
Regulatory News:
Carrefour (Paris:CA):
Alexandre Bompard, Chairman and Chief Executive Officer,
declared: “Amid the
continuing crisis linked to the COVID-19 pandemic, we remain
extremely vigilant regarding the safety of our teams and our
customers, and we are constantly adapting our governance as well as
our commercial and operational models to the evolution of the
health situation, in all our countries.
Carrefour's sales in the third
quarter reflect the excellent momentum underway in the Group,
confirming the success of the Carrefour 2022 transformation plan.
Our initiatives in favor of customer satisfaction are bearing
fruit: They are reflected in a marked improvement in the NPS®,
record like-for-like growth and outperformance in the organic and
e-commerce segments. The exceptional growth in Brazil, solid
activity in Spain and better momentum in France attest to the
strength of our multi-format and omnichannel model. We remain
mobilized to keep gaining commercial ground.”
THIRD-QUARTER 2020 KEY FIGURES
Third-quarter 2020
Sales inc. VAT (€m)
LFL (2)
Total variation (3)
At current exchange rates
At constant exchange rates
France
9,676
+3.8%
-0.9%
-0.9%
Europe
5,813
+1.9%
-0.3%
+0.2%
Latin America (pre-IAS 29)
3,614
+28.4%
-10.2%
+29.5%
Asia
587
+0.6%
+2.3%
+1.4%
Group (pre-IAS 29)
19,690
+8.4%
-2.5%
+5.5%
IAS 29 (4)
-49
Group (post-IAS 29)
19,641
Notes: (1) end-September vs. end-June 2020; (2) excluding petrol
and calendar effects and at constant exchange rates; (3) variations
presented relative to 2019 sales restated for IFRS 5; (4)
hyperinflation and foreign exchange in Argentina
THIRD-QUARTER 2020 SALES INC. VAT
Thanks to the transformation of its commercial model over more
than two years, Carrefour is now able to capture buoyant market
growth in its main countries. The market has benefited from a shift
from out-of-home consumption towards consumption at home,
particularly in view of the increase in home working.
Third-quarter gross sales up 8.4% on a like-for-like
basis. The Group's gross sales came to €19,690m pre-IAS 29, an
increase of +5.5% at constant exchange rates. This increase
includes an unfavorable petrol effect of -2.9%. After taking into
account an unfavorable exchange rate effect of -8.0%, mainly due to
the depreciation of the Brazilian Real and the Argentine Peso, the
total variation in sales at current exchange rates amounts to -2.5
%. The impact of the application of IAS 29 is -€49m.
In France, Q3 sales were up +3.8% LFL (+2.9% LFL in food
and +9.9% LFL in non-food). Customers reacted quickly and
positively to all initiatives aiming at improving purchasing
experience and customer satisfaction. NPS® increased rapidly in all
formats and growth accelerated.
- Hypermarkets (+2.5% LFL)
accentuated the good momentum that began post-confinement. Constant
focus on execution and customer satisfaction bore fruit. The
transformation is gaining traction. NPS® is clearly improving
- Supermarkets (+4.9% LFL) continued
to post a solid performance, benefiting from the repositioning
initiated in 2018
- Convenience (+5.3% LFL) remained
very dynamic, although it felt the impact of lower summer tourism.
Carrefour continues to expand this growth format with +56 openings
in the third quarter
- Promocash’s activities remained penalized by the decrease in
B2B sales
In Europe, LFL growth reached +1.9% in the quarter.
- In Spain (+6.3% LFL), the Group confirmed its excellent
momentum in a buoyant market. Carrefour stands out thanks to an
attractive commercial model (fresh and Carrefour-branded products,
price positioning) and a continuous improvement of customer
satisfaction
- In Italy (-8.0% LFL), Carrefour was penalized by its
exposure to tourist areas in the North, which were particularly
affected during the summer season. The new country CEO, who arrived
in early September, is tasked with placing seamless execution and
customer satisfaction at the heart of the strategy
- In Belgium(+5.4% LFL), Carrefour continued its market
share gains initiated at the start of the year. The Group continued
its price investments with the "Healthy Prices" campaign launched
in early September
- In Poland(-1.4% LFL), large hypermarkets continued to be
impacted by the drop in traffic in large shopping centers.
Supermarket and proximity formats returned to growth
- In Romania (+0.0% LFL), the market was impacted by
travel restrictions which limited the return home of foreign
workers during the summer
Commercial momentum accelerated in Latin America (+28.4%
LFL).
- In Brazil, Carrefour benefited from a virtuous circle
with dynamic traffic, market share gains and an increase in share
of wallet among its customers. Q3 sales increased by +27.3% at
constant exchange rates, with like-for-like growth of +26.0%, a
contribution from openings of +4.0% and an unfavorable petrol
impact of -2.6%. The currency effect was an unfavorable -37.9%.
- Carrefour Retail (+26.6% LFL)
posted record growth, with hypermarkets growing twice as fast as
the market. Food (+15.4% LFL) was supported by the good momentum of
Carrefour-branded products, while non-food (+43.6% LFL) benefited
from the repositioning of the offer
- Atacadão (+25.8% LFL) recorded
exceptional growth of +31.3% at constant exchange rates. Given the
easing of restrictive measures, Q3 notably benefited from a
resumption of B2B sales. The banner strengthened its price
competitiveness and continues to expand, with the opening of 2
stores in Q3
- In Argentina (+41.4% LFL), good commercial momentum
continued against a backdrop of slowing food inflation and a less
buoyant market. Carrefour continued to gain market share thanks to
its offensive commercial positioning and proximity with its
customers
In Taiwan (Asia), sales rose +1.4% at constant exchange
rates and +0.6% LFL in Q3. Carrefour achieved a solid commercial
performance in an uncertain geopolitical environment.
A SUSTAINABLE GROWTH MODEL
The initiatives of the Carrefour 2022 transformation plan
confirm their relevance quarter after quarter. A winning commercial
model is gradually being put in place. It is based on a culture of
customer service, seamless operational and commercial execution,
enhanced price competitiveness, an efficient omnichannel offer and
a dynamic assortment matching customer expectations.
Thus, countries or regions which two years ago faced major
challenges have now reached a winning position. This is notably the
case of Brazil and Spain, where the pace of growth continues to be
higher than the market’s. France, for its part, is showing signs of
acceleration.
Priority to customer
satisfaction: NPS® up +4 points since end-June, of which +7
points in France
In 2020, Carrefour adopted a customer orientation that is
unprecedented in its history, with an emphasis on winning back
traffic and accelerating LFL growth, in particular through the
deployment of the 5/5/5 method. This method is based on the
individual and collective commitment of employees, at headquarters
and in stores, around a common priority - customer satisfaction -
through 15 commitments divided into three categories (trust,
service, experience). Since 2018, it has contributed to the
commercial success of Argentina, Spain, Taiwan and Poland. The
5/5/5 is now generalized in all Group countries.
The improvement in customer satisfaction is reflected in an
increase of +4 points in Group NPS® since end-June, after an
increase of +3 points in the first six months of the year.
In France, Carrefour rapidly deployed the 5/5/5 since the
beginning of the summer. The NPS® increased by +7 points in the
last three months. All formats improved, particularly hypermarkets.
This improvement reflects the first benefits of the method and
supports the acceleration of LFL growth (+3.8%).
Price competitiveness: Continued
price investments
Since 2018, Carrefour has made significant investments in the
competitiveness of its offer. Good levels of price competitiveness
have been achieved in many countries, notably in Latin America,
Spain and Eastern Europe. These investments contributed to the
strong commercial momentum in the quarter.
In Q3, the Group continued to invest in
prices in most countries, in particular:
- In France: Carrefour continues to defend purchasing power. On
top of past initiatives, the Group notably improved its price
positioning in fruits and vegetables during the summer
- In Brazil: Atacadão has reinforced its price leadership versus
its direct competitors since June
- In Belgium: Launch of the “Healthy prices” campaign on
Carrefour-branded products
The Group intends to continue strengthening its competitiveness,
particularly in France.
Particular attention is paid to Carrefour-branded products, which contribute to
purchasing power and price perception. The penetration of
Carrefour-branded products increased by +2 points at the end of
September 2020 (vs. end of September 2019) to 29% of sales.
Strong growth in
food-e-commerce: Up more than +65% in Q3
Food e-commerce has significantly accelerated in recent months
and grew by more than +65% at Group level in the third quarter.
- In Brazil, food e-commerce grew by more than +200%. Carrefour
is building a leadership position on this market
- In France, growth was above +45%. Carrefour notably
strengthened its leadership in the home delivery segment
- In Spain, Carrefour posted c.+60% growth and gained market
share
In order to meet the increase in demand, Carrefour continues to
increase order preparation and delivery capacities in all
geographies:
- Deployment of the network of drives: 2,102 at the end of September (i.e. +406
since the beginning of the year)
- Development of home delivery in
all Group countries, including full coverage in Spain and the
opening of new cities in France (86, of which +7 in Q3)
- Strengthening of express delivery,
directly (France, Poland with Carrefour Sprint, Belgium and Romania
with Bringo) or with partners (Glovo, Uber Eats, Rappi, Cornershop,
etc.) in all Group countries
- Acceleration in the automation and
mechanization of order preparation, in warehouses and
stores, with partners such as Dematic and Exotec in France
- Signing of an exclusive partnership in Belgium with Food-X
technologies Inc., in order to increase the productivity and
profitability of its e-commerce operations
Carrefour continues to work on improving its productivity. The
high growth allows better absorption of fixed costs. Thus,
e-commerce has already contributed to the growth in recurring
operating income during the first half of the year.
Organic and healthy products:
Carrefour further reinforces its leadership
Carrefour continues to outperform the organic product market1,
with sales growth of + 20% over the first nine months.
On September 21, Carrefour strengthened its support for French
organic products by forging new partnerships with 6 French
cooperatives and 3 industrialists for its Carrefour Bio brand.
On October 13, Carrefour announced the acquisition of Bioazur by
its subsidiary So.bio. Bioazur is a network of 5 stores
specializing in the distribution of organic products, in the South
West of France. The So.bio network is now deployed in 23 points of
sale compared to 8 at the time of acquisition and should exceed 30
points of sale by the end of 2020.
On October 19, Carrefour launched the personalized INNIT
nutritional score. After the food blockchain and the affixing of
Nutriscore, this new service is one more step in the Act for Food
program to allow consumers to be better informed and make smarter
choices for a healthy diet.
Financial discipline: Cost
reduction momentum, contained investments and solid balance
sheet
Since the launch of the Carrefour 2022 plan, the Group has
developed a culture of financial discipline:
- Cost reduction momentum continued in the third quarter. At the
end of June 2020, the Group had made savings of €2,440m since the
start of the plan. The savings target was thus raised to €3.0bn by
the end of 2020. This momentum will continue beyond 2020
- Carrefour is also vigilant with regard to the selectivity and
productivity of its investments, whose budget should be contained
below €1.5bn in 2020
Since 2018, Carrefour has demonstrated great financial
discipline and has strengthened its balance sheet and liquidity. It
has one of the strongest balance sheets in the industry. This is an
important asset in the current context, marked by rapid changes in
food distribution and the COVID-19 pandemic.
- Moody’s reaffirmed the Baa1 rating with negative outlook on
September 29
- In addition, the Group was rated BBB stable outlook by Standard
& Poor’s at the end of September
Targeted acquisitions: new
growth and value creation engine
Bolstered by its balance sheet, its further strengthened
know-how and its solid market positions, Carrefour is positioned as
a natural consolidator in the regions in which it is present. The
Group is more attentive than ever to opportunities for
moderate-sized acquisition opportunities, offering perfect
complementarity with its existing activities. The acquisitions of
Makro in Brazil, Wellcome in Taiwan and more recently Supersol in
Spain, carried out under attractive financial conditions, are
perfect illustrations of this strategy.
- At the end of August, Carrefour signed an agreement to acquire
172 stores under the Supersol banner in Spain, thus strengthening
its number 2 position in the country. This new acquisition allows
Carrefour to accelerate its development in its growth formats. The
transaction is subject to customary conditions and closing is
expected in early 2021
- Grupo Carrefour Brasil received on September 16 the agreement
of the local competition authority (CADE) for the acquisition of 30
Makro stores in Brazil. The transaction is expected to close in Q4
2020
- The decision of the competition authorities on the acquisition
of Wellcome in Taiwan is expected in Q4 2020
While remaining very selective, this policy of targeted
acquisitions can, over time, be an opportunity for additional
profitable growth.
CARREFOUR, A COMMITTED COMPANY
Carrefour continues to build a model that creates sustainable
value for all of its stakeholders.
Leader in the food transition for
all: On track to achieve the 2020 objectives of the "CSR and
Food Transition" index
Our progress on the main indicators of the "CSR and Food
Transition" index reinforces our confidence in reaching the 2020
objectives. Carrefour has made particular progress on the following
indicators:
- Reduction of packaging: 5,660 tons of packaging saved since
2017 against a target of 10,000 tons by 2025, of which 1,565 since
beginning 2020
- Carrefour Quality Line: Carrefour continues to grow with 7.3%
penetration in fresh products at the end of September 2020, against
6.6% at the end of December 2019
- Reduction of food waste: Carrefour confirms its objective of
reducing food waste by 50% by 2025 (vs 2016), with an 8% reduction
in H1 2020 (vs H1 2019)
- Recovery of in-store waste: The rate of waste recovered in our
stores increased by 4.4 points in Q3 2020 and reached 70.9% of
waste recovery compared to 66.5% at the end of 2019
Exceptional mobilization in the face of
the crisis: Certification of strong protection
measures
Faced with the COVID-19 pandemic, Carrefour teams have
demonstrated exceptional responsiveness to ensure the continuity of
food distribution, then meet new consumer expectations in a complex
and rapidly-changing environment.
The Group immediately implemented strong measures to protect the
health of employees and customers. Carrefour continues to adapt to
the new sanitary provisions and rules recommended by public
authorities in each country.
- In Spain, Carrefour was the first company to obtain AENOR
certification in June. The Group was distinguished for the
effectiveness of its security measures aimed at offering safe
shopping spaces to its customers
- In September, Carrefour Brazil became the first company in the
retail sector in Brazil to be recognized with the international My
Care label, developed by DNV GL, which attests to the effectiveness
and safety of the measures adopted by the company for the
protection of its customers and employees in all stores
- In France, Carrefour launched in September a labeling program
for the COVID-19 health measures implemented in its stores and
within its supply chain, a program verified by AFNOR Certification.
AFNOR Certification teams are currently auditing Carrefour
hypermarkets, Carrefour Market and the warehouses. The labeling
phase will end in mid-November 2020
PROSPECTS AND OBJECTIVES
Carrefour remains attentive to the evolution of the COVID-19
pandemic and its impact.
At this stage, Carrefour anticipates for 2020 sustained
commercial momentum and an improvement in the operating leverage of
retail activities. They benefit from the success of the Carrefour
2022 plan in a resilient market context. Carrefour's omnichannel
and multi-format positioning and its commitment to the food
transition are perfectly in line with current consumer trends.
Due to the crisis, financial services, other services and B2B
sales in Europe should however weigh on full-year 2020 results.
The Group reiterates the orientations of the Carrefour 2022
strategic plan and confirms all of its objectives.
Operational objectives :
- Improvement in the Group NPS® of +15 points over 2020-22
period, i.e. +23 points since the start of the plan
- Reduction of 350,000 sq. m of hypermarket sales area worldwide
by 2022
- -15% reduction in assortments by 2020
- Carrefour-branded products accounting for one-third of food
sales in 2022
- 2,700 convenience store openings by 2022
End-2019
End-September 2020
Objective
Operational objectives
Improvement in the Group NPS®
+8 points
+15 points
+23 points by 2022
Reduction of hypermarket sales
area
115,000 sq. m
133,000 sq. m
350,000 sq. m by 2022
Reduction in assortments
-10%
-12%
-15% by 2020
Sales of Carrefour-branded
products
27% of sales +2 points yoy
29% of sales +2 points yoy
1/3 of sales by 2022
Convenience store openings
+1,042
+1,697
+2,700 by 2022
Financial objectives :
- €4.2bn in food e-commerce sales in 2022
- €4.8bn in sales of organic products in 2022
- Three-year cost-reduction plan raised to €3.0bn on an annual
basis by end 2020. Continued cost-reduction momentum beyond
2020
- €300m in additional disposals of non-strategic real estate
assets by 2022
AGENDA
- Fourth-quarter 2020 sales and full year 2020 results: February
18, 2021
APPENDIX
THIRD-QUARTER 2020 SALES INC. VAT
The Group's sales amounted to €19,690m pre-IAS 29. Foreign
exchange had an unfavorable impact in the third quarter of -8.0%,
largely due to the depreciation of the Brazilian Real and the
Argentine Peso. Petrol had an unfavorable impact of -2.9%. The
calendar effect was an unfavorable -0.2%. Openings contributed for
+1.1%. The impact of the application of IAS 29 was -€49m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LFL
Organic
at current exchange
rates
at constant exchange
rates
France
9,676
+3.8%
+3.2%
-0.9%
-0.9%
Hypermarkets
4,876
+2.5%
+2.1%
-1.3%
-1.3%
Supermarkets
3,226
+4.9%
+3.8%
+0.2%
+0.2%
Convenience /other formats
1,575
+5.4%
+5.3%
-2.0%
-2.0%
Other European countries
5,813
+1.9%
+1.9%
-0.3%
+0.2%
Spain
2,581
+6.3%
+6.3%
+2.7%
+2.7%
Italy
1,101
-8.0%
-9.5%
-9.8%
-9.8%
Belgium
1,064
+5.4%
+5.6%
+4.8%
+4.8%
Poland
498
-1.4%
-1.6%
-4.7%
-2.0%
Romania
570
+0.0%
+3.9%
+1.5%
+3.9%
Latin America (pre-IAS 29)
3,614
+28.4%
+31.8%
-10.2%
+29.5%
Brazil
3,070
+26.0%
+30.0%
-10.7%
+27.3%
Argentina (pre-IAS 29)
544
+41.4%
+41.5%
-7.8%
+42.0%
Asia
587
+0.6%
+3.5%
+2.3%
+1.4%
Taiwan
587
+0.6%
+3.5%
+2.3%
+1.4%
Group total (pre-IAS 29)
19,690
+8.4%
+8.9%
-2.5%
+5.5%
IAS 29(1)
-49
Group total (post-IAS 29)
19,641
Note : (1) hyperinflation and currencies
NINE-MONTH 2020 SALES INC. VAT
The Group's sales amounted to €57,845m pre-IAS 29. Foreign
exchange had an unfavorable impact of -6.3% in the first nine
months of the year, largely due to the depreciation of the
Argentine Peso and the Brazilian Real. Petrol had an unfavorable
impact of -3.5%. The calendar effect was a favorable +0.1%.
Openings contributed for +1.2%. The impact of the application of
IAS 29 was -€125m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LFL
Organic
LFL
Organic
France
27,864
+2.9%
+2.2%
-2.3%
-2.3%
Hypermarkets
13,827
-0.1%
-0.6%
-5.0%
-5.0%
Supermarkets
9,461
+5.7%
+4.2%
-0.2%
-0.2%
Convenience /other formats
4,576
+6.2%
+6.6%
+2.0%
+2.0%
Other European countries
17,177
+4.2%
+4.0%
+1.6%
+2.0%
Spain
7,217
+7.5%
+7.5%
+3.2%
+3.2%
Italy
3,477
-4.4%
-5.9%
-6.8%
-6.8%
Belgium
3,310
+9.2%
+9.2%
+9.3%
+9.3%
Poland
1,503
+0.9%
+0.5%
-3.1%
-0.4%
Romania
1,671
+2.3%
+5.3%
+3.6%
+5.6%
Latin America (pre-IAS 29)
11,077
+22.2%
+25.4%
-7.5%
+23.7%
Brazil
9,294
+16.4%
+20.3%
-9.0%
+18.4%
Argentina (pre-IAS 29)
1,783
+53.9%
+53.3%
+1.4%
+53.7%
Asia
1,727
+1.6%
+5.7%
+8.6%
+4.3%
Taiwan
1,727
+1.6%
+5.7%
+8.6%
+4.3%
Group total (pre-IAS 29)
57,845
+7.5%
+7.8%
-1.9%
+4.4%
IAS 29(1)
-125
Group total (post-IAS 29)
57,720
Note : (1) hyperinflation and currencies
Application of IAS 29 - Accounting treatment of
hyperinflation for Argentina
The impact on Q3 2020 sales is presented in the table below:
Sales incl. VAT (€m)
2019 pre-IAS 29(1)
LFL(2)
Calendar
Openings
Scope and others(3)
Petrol
2020 at constant rates pre-IAS
29
Forex
2020 at current rates pre-IAS
29
IAS 29(4)
2020 at current rates post-IAS
29
Q1
18,819
+7.8%
+0.9%
+1.3%
-0.8%
-1.5%
+7.5%
-4.2%
19,445
-10
19,435
Q2
19,974
+6.3%
-0.4%
+1.2%
-1.0%
-5.8%
+0.3%
-6.7%
18,710
-66
18,644
H1
38,793
+7.0%
+0.2%
+1.3%
-0.9%
-3.7%
+3.8%
-5.5%
38,155
-76
38,079
Q3
20,199
+8.4%
-0.2%
+1.1%
-0.9%
-2.9%
+5.5%
-8.0%
19,690
-49
19,641
9M
58,992
+7.5%
+0.1%
+1.2%
-0.9%
-3.5%
+4.4%
-6.3%
57,845
-125
57,720
Notes: (1) restated for IFRS 5; (2) excluding petrol and
calendar effects and at constant exchange rates; (3) including
transfers; (4) hyperinflation and currencies
EXPANSION UNDER BANNERS – THIRD-QUARTER 2020
Thousands of sq. m
Dec 31. 2019
June 30 2020
Openings/ Store
enlargements
Acquisitions
Closures/ Store
reductions
Total Q3 2020 change
Sept. 30 2020
France
5,475
5,466
+14
+2
-14
+2
5,469
Europe (ex France)
5,596
6,082
+57
-
-33
+24
6,106
Latin America
2,616
2,640
+10
-
-2
+8
2,648
Asia
1,050
1,045
-
-
-13
-13
1,032
Others2
1,379
1,403
+19
-
-
+19
1,422
Group
16,116
16,637
+101
+2
-62
+40
16,677
STORE NETWORK UNDER BANNERS – THIRD-QUARTER 2020
N° of stores
Dec. 31 2019
June 30 2020
Openings
Acquisitions
Closures/ Disposals
Transfers
Total Q3 2020 change
Sept. 30 2020
Hypermarkets
1,207
1,207
+2
-
-3
-1
-2
1,205
France
248
248
-
-
-
-
-
248
Europe (ex France)
455
455
+1
-
-1
-1
-1
454
Latin America
188
185
-
-
-
-
-
185
Asia
175
174
-
-
-2
-
-2
172
Others2
141
145
+1
-
-
-
+1
146
Supermarkets
3,344
3,375
+50
+1
-14
+1
+38
3,413
France
1,071
1,073
+4
+1
-4
-
+1
1,074
Europe (ex France)
1,798
1,823
+35
-
-9
+1
+27
1,850
Latin America
150
151
-
-
-1
-
-1
150
Asia
9
9
-
-
-
-
-
9
Others2
316
319
+11
-
-
-
+11
330
Convenience stores
7,261
7,665
+134
+8
-78
-
+64
7,729
France
3,959
3,933
+56
+8
-27
-
+37
3,970
Europe (ex France)
2,646
3,078
+76
-
-41
-
+35
3,113
Latin America
530
528
+2
-
-6
-
-4
524
Asia
68
69
-
-
-4
-
-4
65
Others2
58
57
-
-
-
-
-
57
Cash & carry
413
422
+6
-
-
+6
428
France
146
146
+1
-
-
-
+1
147
Europe (ex France)
60
62
+3
-
-
-
+3
65
Latin America
193
200
+2
-
-
-
+2
202
Asia
-
-
-
-
-
-
-
-
Others2
14
14
-
-
-
-
-
14
Group
12,225
12,669
+192
+9
-95
-
+106
12,775
France
5,424
5,400
+61
+9
-31
-
+39
5,439
Europe (ex France)
4,959
5,418
+115
-
-51
-
+64
5,482
Latin America
1,061
1,064
+4
-
-7
-
-3
1,061
Asia
252
252
-
-
-6
-
-6
246
Others2
529
535
+12
-
-
-
+12
547
DEFINITIONS
Free cash-flow
Free cash flow corresponds to cash flow from operating
activities before net finance costs and net interests related to
lease commitment, after the change in working capital, less net
cash from/(used in) investing activities.
Net free cash-flow
Net free cash flow corresponds to free cash flow after net
finance costs and net lease payments.
Like for like sales growth (LFL)
Sales generated by stores opened for at least twelve months,
excluding temporary store closures, at constant exchange rates,
excluding petrol and calendar effects and excluding IAS 29
impact.
Organic sales growth
Like for like sales growth plus net openings over the past
twelve months, including temporary store closures, at constant
exchange rates.
Gross margin
Gross margin corresponds to the sum of net sales and other
income, reduced by loyalty program costs and cost of goods sold.
Cost of sales comprise purchase costs, changes in inventory, the
cost of products sold by the financial services companies,
discounting revenue and exchange rate gains and losses on goods
purchased.
Recurring Operating Income (ROI)
Recurring Operating Income corresponds to the gross margin
lowered by sales, general and administrative expenses, depreciation
and amortization.
Recurring Operating Income Before Depreciation and
Amortization (EBITDA)
Recurring Operating Income Before Depreciation and Amortization
(EBITDA) also excludes depreciation and amortization from supply
chain activities which is booked in cost of goods sold.
Operating Income (EBIT)
Operating Income (EBIT) corresponds to the recurring operating
income after income from associates and joint ventures and
non-recurring income and expenses. This latter classification is
applied to certain material items of income and expense that are
unusual in terms of their nature and frequency, such as impairment
of non-current assets, gains and losses on sales of non-current
assets, restructuring costs and provisions recorded to reflect
revised estimates of risks provided for in prior periods, based on
information that came to the Group’s attention during the reporting
year.
® Net Promoter, Net Promoter System, Net Promoter Score, NPS and
the NPS-related emoticons are registered trademarks of Bain &
Company, Inc., Fred Reichheld and Satmetrix Systems, Inc
DISCLAIMER
This press release contains both historical and forward-looking
statements. These forward-looking statements are based on Carrefour
management's current views and assumptions. Such statements are not
guarantees of future performance of the Group. Actual results or
performances may differ materially from those in such forward
looking statements as a result of a number of risks and
uncertainties, including but not limited to the risks described in
the documents filed with the Autorité des Marchés Financiers as
part of the regulated information disclosure requirements and
available on Carrefour's website (www.carrefour.com), and in
particular the Annual Report (Document de Référence). These
documents are also available in English on the company's website.
Investors may obtain a copy of these documents from Carrefour free
of charge. Carrefour does not assume any obligation to update or
revise any of these forward-looking statements in the future.
1 Source: Nielsen for France and Belgium 2 Africa, Middle East
and Dominican Republic.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201027006302/en/
Investor Relations Selma Bekhechi, Anthony Guglielmo and
Antoine Parison Tel : +33 (0)1 64 50 82 57 Shareholder
Relations Tel : 0 805 902 902 (toll-free in France) Group
Communication Tel : +33 (0)1 58 47 88 80
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