THIRD QUARTER 2017 SALES Growth of 1.9% at constant exchange rates

Transcription

1 THIRD QUARTER 2017 SALES Grwth f 1.9% at cnstant Third-quarter sales f 21.9bn Up +1.9% n a reprted basis at cnstant and up 0.5% like-fr-like Grwth driven by Eurpe and Latin America Third-quarter perfrmance reflecting: Heightened cmpetitive pressure in Eurpe and particularly in France Atypical seasnality, ntably marked by shifts in dates f prmtinal campaigns An imprvement in nn-fd sales (ntably in Latin America and France) A particularly marked fall in fd inflatin in Brazil and deflatin n seasnal fruits and vegetables in Eurpe An imprvement in the evlutin f like-fr-like sales in Asia The new team, which has been rapidly put in place, is fully mbilized t determine the transfrmatin s key pillars, t be presented by the end f the year. Third quarter 2017 Nine mnths 2017 Sales inc. VAT ( m) LFL* Ttal variatin At cnstant Sales inc. VAT ( m) LFL* Ttal variatin At cnstant France 10, % -1.3% -1.3% 29, % +0.1% +0.1% Other cuntries 11, % +1.8% +4.6% 35, % +7.7% +5.3% Grup 21, % +0.4% +1.9% 64, % +4.1% +2.8% *ex petrl and ex calendar Ttal sales under banners including petrl std at 26.4bn in the third quarter f 2017 and at 78.5bn in the first nine mnths f 2017, up respectively by +2.3% and +2.5% at cnstant. PAGE 1

2 THIRD QUARTER 2017 SALES INC. VAT FURTHER GROWTH ON A STRONG COMPARABLE BASE Sales inc. VAT ( m) LFL* Ttal variatin At cnstant Grup 21, % +0.4% +1.9% France 10, % -1.3% -1.3% Other cuntries 11, % +1.8% +4.6% Eurpe 5, % +4.8% +4.9% Latin America 4, % +1.4% +7.7% Asia 1, % -6.9% -3.5% *ex petrl ex calendar Carrefur s third quarter 2017 sales std at 21,859m, up +0.5% n a like-fr-like basis. The currency effect was an unfavrable -1.5% in the quarter, while the petrl and calendar effects were neutral. Ttal sales were up +1.9% at cnstant (+0.4% at current ). In a persistently challenging cmpetitive envirnment, sales in France were dwn -0.9% like-fr-like (-1.3% in ttal). This quarter was ntably marked by deflatin n fruit and vegetable prices and adverse weather cnditins, impacting all frmats, as well as by shifts in prmtinal campaigns, in particular in hypermarkets. Sales in hypermarkets were dwn -1.7% n a like-fr-like basis, ntably due t the shift in the Carrefur Anniversary campaign, which started three weeks later than last year, amid an envirnment that remained highly prmtinal. Hypermarket sales were als affected by sharp deflatin n seasnal fruit and vegetable prices, which als impacted supermarkets and cnvenience and ther frmats. On a challenging cmparable base, supermarket like-fr-like sales were dwn -1.2%, while like-fr-like sales in cnvenience and ther frmats increased by +2.2%. Sales in Other cuntries activities rse +4.6% in ttal at cnstant and by +1.8% at current. On a like-fr-like basis, sales were up +1.4%. In Eurpe, ttal sales increased by +4.9% at cnstant (+4.8% at current ) and by +0.6% like-fr-like. Mst cuntries in the regin were strngly impacted by deflatin n seasnal fruit and vegetable prices. In Spain, like-fr-like sales were slightly dwn by -0.3%. During the quarter, the Spanish market was impacted by adverse weather cnditins and by an increase in cmpetitive pressure. Hwever, ttal sales psted a rise f +9.0%, reflecting the excellent perfrmance f cnverted Erski stres; Sales in Italy fell slightly n a like-fr-like basis, by -0.5%. This evlutin reflects a strng cmparable base fr the past tw years as well as a mre prmtinal envirnment; Sales in Belgium were dwn -0.5% n a like-fr-like basis, als in a mre prmtinal envirnment; Like-fr-like sales remained particularly dynamic in Pland and in Rmania, up respectively by +4.4% and by +9.2%. PAGE 2

3 In Latin America, like-fr-like sales were up +4.4%. At cnstant, they rse by +7.7% (+1.4% at current, including an unfavrable currency effect f -6.3%): In Brazil, ttal sales at cnstant rse by +5.3% and by +1.1% like-fr-like, in a cntext marked by a strng slwdwn in fd inflatin, which entered negative territry this quarter cmpared with a peak ne year earlier (16.8% in August 2016). Nn-fd sales cntinued t grw strngly in the quarter. Ttal sales in Argentina rse by +17.4% at cnstant and by +16.7% n a like-fr-like basis. The ecnmic recvery that is starting t materialize in the cuntry has nt yet had a ntable impact n cnsumptin, with vlumes remaining under pressure. Mrever, inflatin has slwed but remains high, clse t 20%. In Asia, like-fr-like sales were dwn -3.0%: China recrded an imprvement, with like-fr-like sales dwn by -4.6%. In Taiwan, favrable trends cntinued and like-fr-like sales rse fr the eleventh cnsecutive quarter, rising by +0.9% n the back f strng cmparables. NINE MONTH 2017 SALES INC. VAT TOTAL GROWTH OF +4.1% AT CURRENT EXCHANGE RATES Sales inc. VAT ( m) LFL* Ttal variatin At cnstant Grupe 64, % +4.1% +2.8% France 29, % +0.1% +0.1% Other cuntries 35, % +7.7% +5.3% Eurpe 17, % +5.7% +5.6% Latin America 13, % +16.4% +9.2% Asia 5, % -4.5% -4.1% *ex petrl and ex calendar Over the first nine mnths f 2017, Carrefur psted sales f 64,912m, up +1.5% n a like-fr-like basis. Currencies had a psitive impact f +1.3% in the perid, largely due t the appreciatin f the Brazilian Real. Petrl had a favrable effect f +0.3% while the calendar effect was an unfavrable -0.4%. At cnstant, ttal sales were up +2.8% (+4.1% at current ). On a like-fr-like basis, sales were up +0.5% in France and +2.3% in ur Other cuntries, in a cntext that remains highly prmtinal and in a macr-ecnmic envirnment marked by a sharp slwdwn in inflatin in several markets. Ttal sales grwth reached +0.1% in France and +5.3% utside f France at cnstant (+7.7% at current ). This grwth reflects a strng sales increase in Latin America, and als takes int accunt the psitive effect f expansin and acquisitins, Billa in Rmania and Erski in Spain. PAGE 3

4 OUTLOOK Fr full-year 2017, Grupe Carrefur sales at cnstant shuld grw by between 2% and 4%, and the evlutin f recurring perating incme at current shuld be rughly in line with that f the first half. The Grup aims t reach free cash flw in 2017 at the same level as in 2016, excluding exceptinal items, with Capex cnfirmed at between 2.2bn t 2.3bn. The new team, which has been rapidly put in place, is fully mbilized t determine the transfrmatin s key pillars, t be presented by the end f the year. AGENDA Furth quarter 2017 sales: January 17, 2018 (after market clse) Full-year 2017 results: March 1, 2018 (befre market pening) CONTACTS Investr Relatins Mathilde Rdié, Anne-Sphie Lanaute and Luis Ignet Tel : +33 (0) Sharehlder Relatins Tel : (tll-free in France) Cmmunicatin Grupe Tel : +33 (0) PAGE 4

5 VARIATION OF THIRD QUARTER 2017 SALES INC. VAT Grup sales std at 21,859m. Currencies had an unfavrable effect f -1.5%, largely due t the depreciatin f the Argentine Pes. The petrl and calendar effects were bth neutral. Sales inc. VAT ( m) Variatin ex petrl ex calendar LFL Organic Variatin inc. petrl At cnstant France 10, % -1.8% -1.3% -1.3% Hypermarkets 5, % -2.1% -0.6% -0.6% Supermarkets 3, % -3.0% -3.0% -3.0% Cnvenience/Other frmats 1, % +1.4% +0.3% +0.3% Other cuntries 11, % +3.2% +4.6% +1.8% Eurpe 5, % +1.4% +4.9% +4.8% Spain 2, % +0.2% +9.0% +9.0% Italy 1, % -1.2% -0.6% -0.6% Belgium 1, % -0.6% -0.5% -0.5% Pland % +7.0% +6.4% +8.4% Rmania % +13.3% +10.6% +7.8% Latin America 4, % +7.9% +7.7% +1.4% Brazil 3, % +5.3% +5.3% +2.6% Argentina % +17.9% +17.4% -3.6% Asia 1, % -2.3% -3.5% -6.9% China 1, % -4.6% -5.5% -10.2% Taiwan % +3.5% +1.4% +1.1% Grup ttal 21, % +1.0% +1.9% +0.4% PAGE 5

6 VARIATION OF NINE MONTH 2017 SALES INC. VAT Grup sales std at 64,912m ver nine mnths. Over the perid, currencies had a psitive impact f +1.3%, largely due t the appreciatin f the Brazilian Real. Petrl had a favrable effect f +0.3% while the calendar effect was an unfavrable -0.4%. Sales inc. VAT ( m) Variatin ex petrl ex calendar LFL Organic Variatin inc. petrl At cnstant France 29, % -0.6% +0.1% +0.1% Hypermarkets 15, % -1.4% -0.2% -0.2% Supermarkets 9, % -1.0% -0.8% -0.8% Cnvenience/ther frmats 4, % +3.0% +2.8% +2.8% Other cuntries 35, % +4.1% +5.3% +7.7% Eurpe 17, % +2.3% +5.6% +5.7% Spain 6, % +1.4% +7.6% +7.6% Italy 4, % +0.6% +1.1% +1.1% Belgium 3, % -0.1% -0.3% -0.3% Pland 1, % +7.0% +6.3% +8.6% Rmania 1, % +14.0% +25.2% +23.2% Latin America 13, % +10.1% +9.2% +16.4% Brazil 10, % +8.3% +7.4% +19.7% Argentina 2, % +16.6% +16.1% +4.4% Asia 5, % -2.7% -4.1% -4.5% China 3, % -4.9% -6.2% -8.9% Taiwan 1, % +3.4% +1.7% +8.0% Grup ttal 64, % +2.0% +2.8% +4.1% PAGE 6

7 EXPANSION UNDER BANNERS THIRD QUARTER 2017 Thusands f sq. m Dec. 31, 2016 June 30, 2017 Openings/ Stre enlargements Acquisitins Clsures/ Stre reductins Ttal Q change Sept. 30, 2017 France 5,719 5, ,752 Eurpe (ex France) 5,449 5, ,584 Latin America 2,335 2, ,386 Asia 2,758 2, ,730 Others Grup 17,181 17, ,438 STORE NETWORK UNDER BANNERS THIRD QUARTER 2017 N f stres Dec. 31, 2016 June 30, 2017 Openings Acquisitins Clsures/ Dispsals Transfers Ttal Q change Sept. 30, 2017 Hypermarkets 1,480 1, ,515 France Eurpe (ex France) Latin America Asia Others Supermarkets 3,212 3, ,201 France 1,065 1, ,060 Eurpe (ex France) 1,777 1, ,752 Latin America Asia Others Cnvenience 7,072 7, ,269 France 4,219 4, ,275 Eurpe (ex France) 2,312 2, ,412 Latin America Asia Others Cash & carry France Eurpe (ex France) Asia Others Grup 11,935 12, ,156 France 5,670 5, ,725 Eurpe (ex France) 4,541 4, ,636 Latin America Asia Others Africa, Middle East and Dminican Republic. PAGE 7

8 DEFINITIONS LFL sales grwth: Sales generated by stres pened fr at least twelve mnths, excluding temprary stre clsures, at cnstant. Organic grwth: Sales plus net penings ver the past twelve mnths, including temprary stre clsures, at cnstant. Sales under banners: Ttal sales under banners, including sales by franchisees and internatinal partnerships. Relatins investisseurs : Mathilde Rdié, Anne-Sphie Lanaute, Luis Ignet Tél : +33 (0) Relatins actinnaires Tél : +33 (0) (n vert en France) Cmmunicatin Grupe Tél : +33 (0) PAGE 8