OREANDA-NEWS. Half-Year 2016 Results: Carrefour Continues Its Profitable Growth Momentum

Strong growth in organic sales: +2.9%
ROI growth for the eighth consecutive half: +5.3% at constant exchange rates
Adjusted net income, Group share up +0.6%

Sales inc. VAT of €40.6bn in H1 (€20.5bn in Q2): Further growth in organic sales
•    Resilient sales in France and Europe in a more difficult consumption environment, notably marked by unfavorable weather conditions
•    Very strong growth in emerging markets, driven by Latin America and Taiwan

Recurring Operating Income of €706m in H1: Strong operational performance
•    Operating margin held up well in France, stable at 1.8%
•    Strong growth in Other European countries, with a 30bp rise in operating margin
•    Growth in profitability in Latin America, with a 12.3% rise in ROI

Investments to support the multiformat and omnichannel model
•    Openings of 305 convenience stores, 97 supermarkets, 5 cash & carry stores and 3 integrated hypermarkets in H1
•    Creation of Cargo, a real estate company dedicated to logistics controlled by Carrefour and co-financed with third parties
•    Accelerated pace of DIA store conversions in France with 260 stores converted in H1. 412 stores are now under Carrefour banners; the conversion of the 648 stores will be completed as planned at end-2016