Confirmed guidance of FY 2021 net free
cash-flow comfortably above €1bn
Regulatory News:
Carrefour (Paris:CA):
- Solid performance in Q3: Continued sales growth (+4.0% on a
reported basis and +0.8% LFL), after record growth in Q3 2020
(+8.4% LFL)
- Over two years1, LFL sales growth reached +9.2%, in line
with the Q2 2021 trend
- In France (-0.3% LFL and +3.5% over 2 years), Carrefour
confirmed its market share gain momentum in the quarter2
- Good underlying dynamics in hypermarkets, temporarily impacted
in the second part of the quarter by the introduction of the
sanitary pass in large shopping malls
- In Brazil: Continued strong momentum over 2 years (+24.2%
LFL), on a high comparable base
- Atacadão (+2.7% LFL and
+28.4% over 2 years): Relevance of the model and good
execution
- Carrefour Retail (-13.3% LFL
and +13.2% over 2 years): Solid growth over 2 years.
Q3 2021 impacted by lower
non-food sales on an exceptional comparable base
- In Europe (ex-France): Carrefour Spain (-2.3% LFL and +3.9%
over 2 years) continued to gain market shares. Italy returned to
growth (+0.8% LFL and -7.2% over 2 years) notably thanks to an
improvement in customer satisfaction
- Continued food e-commerce sales growth: +19% in Q3, +100%
over 2 years. Carrefour will present its digital strategy and
opportunities during its Digital Day on November 9, 2021
Alexandre Bompard, Chairman and CEO, declared:
“We posted another quarter of
growth at Group level, despite a very high comparable base, and
continued to gain market share in most of our countries. Our
trajectory is very solid and demonstrates our ability to generate
structural growth thanks to our strong customer-centric approach,
good control over our operations, notably in digital, and impactful
strategic initiatives. Our net free cash-flow objective for FY
2021, which was raised in July, is confirmed. With these favorable
dynamics, its robust balance sheet, and thanks to the commitment of
its teams, Carrefour is attractive and on the offensive, for the
benefit of its customers and its shareholders.”
Note: (1) sum of Q3 2020 LFL and Q3 2021 LFL; (2) based on
NielsenIQ RMS data
THIRD-QUARTER 2021 FIGURES
Third-quarter 2021
Sales inc. VAT (€m)
LFL1
Total variation
At current exchange rates
At constant exchange rates
France
9,882
-0.3%
+2.1%
+2.1%
Europe
5,864
-1.2%
+0.9%
+1.4%
Latin America (pre-IAS 29)
4,005
+7.3%
+10.8%
+14.7%
Asia
718
-5.2%
+22.3%
+16.8%
Group (pre-IAS 29)
20,468
+0.8%
+4.0%
+4.6%
IAS 292
112
Group (post-IAS 29)
20,581
THIRD-QUARTER 2021 SALES INC. VAT
In a context still marked by the Covid-19 pandemic and evolving
sanitary conditions across its different markets, the Group’s
third-quarter activity confirmed its good commercial momentum.
Carrefour continued to gain market share in the vast majority of
its countries, thanks to the improvement in customer satisfaction,
which is at the heart of the Carrefour 2022 strategic plan. The
Group’s expansion also continues at a steady pace, thanks to
numerous organic openings as well as the successful integration of
recent acquisitions. E-commerce sales continued to grow on
extremely high comparables. The Group will provide a comprehensive
presentation of its digital strategy during its Digital Day, which
will be held in Paris on November 9.
On a like-for-like (LFL) basis, third-quarter sales inc. VAT
were up +0.8%. The Group’s sales inc. VAT reached €20,468m
pre-IAS 29, an increase of +4.6% at constant exchange rates. This
increase includes a favorable petrol effect of +2.0% (reflecting an
increase in oil prices and higher volumes). After taking into
account an unfavorable exchange rate of -0.7%, due to the weakness
of the Argentine peso, the total sales variation at current
exchange rates amounted to +4.0%. The impact of the application of
IAS 29 was +€112m.
In France, Q3 2021 revenue was down -0.3% on a LFL basis
(+0.8% LFL in food and -7.1% LFL in non-food) in a declining
market, given a high comparable base. Hypermarkets were temporarily
impacted by the introduction of the sanitary pass, restricting
access to large shopping malls from mid-August to the end of
September. Excluding the impact of the sanitary pass, LFL growth in
France is estimated at +0.5% in Q3. Market share continued to
improve over the quarter, with gains in most formats3. On a two
year stack4, reported LFL growth reached +3.5%.
- Hypermarkets: Good resilience
(-2.8% LFL in Q3/-0.3% over 2 years), given a high comparable base
(+2.5% LFL in Q3 2020) and the temporary impact of the introduction
of the sanitary pass
- Supermarkets (+2.2% LFL in
Q3/+7.1% over 2 years) maintained their good momentum and continued
to gain market share3
- Convenience (+1.2% LFL in Q3/+6.5%
over 2 years) remained well oriented. Carrefour continued the
expansion of this growth format with +63 openings in the third
quarter
- Promocash’s activities posted
sustained LFL growth of +8.5%, thanks to the recovery of sales to
bars and restaurants
- Non-food sales remained up by
+2.7% on a LFL basis over 2 years (+9.9% LFL in Q3 2020)
- Food e-commerce in France grew
again strongly this quarter (+19%), a growth of +72% vs 2019.
Carrefour continues to deploy many initiatives in this field,
notably the recent acquisition of a minority stake in Cajoo, a
French pioneer in quick commerce
In Europe, LFL sales were down -1.2% compared to Q3 2020,
but up +0.6% over two years. This reflects situations that were not
uniform across countries:
- In Spain (-2.3% LFL/+3.9% over 2 years), the market was
marked by strong out-of-home consumption benefiting convenience
formats at the expense of hypermarkets, to which Carrefour is
particularly exposed. In this context, the Group continued to gain
market share. Supersol’s integration continued successfully
- In Italy (+0.8% LFL/-7.2% over 2 years), sales growth
returned to positive territory. The Group is starting to benefit
from the restructuring and recovery plan initiated by the new
management, with a sharp NPS increase, driven by a strong
improvement in price perception
- In Belgium (-5.4% LFL/stable over 2 years), the
performance reflects the declining market, marked by deflationary
pressures on food and a high comparable base, as the summer period
in 2020 benefited from high domestic tourism in the sanitary
context
- In Poland(+0.9% LFL/-0.5% over 2 years), the Group
maintained positive momentum
- In Romania (+5.9% LFL/+5.9% over 2 years), the trend
remained very solid, in the wake of an excellent second quarter.
Carrefour successfully launched a new loyalty program in the
country
In Latin America, LFL sales increased by +7.3%, and by
+35.7% over two years.
- In Brazil (-1.8% LFL/+24.2% over 2 years), LFL sales
decreased slightly in Q3, given an exceptionally high comparable
base. Over 2 years (+24.2% LFL), the trend marked an acceleration
compared to H1 (+18.6% LFL). Q3 sales were up +7.7% at constant
exchange rates thanks to a contribution from openings and
acquisitions of +8.4% and a positive petrol effect of +1.1%. The
currency effect was a favorable +2.1%.
- Atacadão’s sales were up +14.3% at
constant exchange rates in Q3 2021 with a continued increase in LFL
sales (+2.7% LFL/+28.4% over 2 years) on a very high comparable
base (+25.8% LFL in Q3 2020). This confirms the strength of
Atacadão’s model, which proved able to accelerate strongly its
expansion (+48 stores over the last 12 months, including Makro)
while improving the performance of the existing store network
- Carrefour Retail’s sales were down
in Q3 (-13.3% LFL/+13.2% over 2 years), due to a drop in non-food
sales given an exceptionally high comparable base (+44% LFL in Q3
2020). Over two years, sales grew both in food and in non-food
- Food e-commerce accelerated in Q3,
with growth of +53%, notably driven by the rapid ramp-up at
Atacadão; cash & carry now represents more than half of food
e-commerce sales in Brazil
- Financial services continued the
recovery initiated at the beginning of the year; billings were up
+26% in Q3, notably thanks to the success of the Atacadão credit
card
- In Argentina (+57.0% LFL/+98.4% over 2 years), Carrefour
confirmed its excellent momentum, in a persistently high
inflationary environment. Carrefour largely outperformed the
market, thanks to record growth excluding inflation, driven by an
increase in volumes despite a declining market
In Taiwan (Asia), Q3 sales were up +16.8% at
constant exchange rates, thanks notably to the integration of
Wellcome stores. LFL sales were down -5.2% (-4.5% over 2 years),
impacted by the sanitary measures that penalized important festive
events in the country. Wellcome stores, whose conversion to
Carrefour banners will be finalized in November, significantly
outperform when converted.
FURTHER DISPOSALS OF NON-STRATEGIC REAL ESTATE ASSETS
As part of its plan to dispose €300m additional non-strategic
real estate assets by 2022, the Group sold the real estate of 7
hypermarkets in Spain in September, through a sale & lease-back
agreement with Realty Income, for €93m.
To date, the Group has disposed an additional €250m of
non-strategic real estate assets.
FURTHER TRANSFORMATION OF THE OPERATING MODEL
In October, Carrefour Italy announced, as part of a broad
recovery plan, an acceleration of its transformation, that notably
includes the transfer to a franchising model of over 50 stores in
2021 and 25 in the first quarter of 2022.
In France, the Group will have transferred 10 hypermarkets and
44 supermarkets to lease-management this year. A new program of 43
stores (16 hypermarkets and 27 supermarkets) was announced, with
the first transfers expected starting in March 2022.
LIMITED IMPACT OF INFLATIONARY PRESSURES EXPECTED IN
2021
The Group pays particular attention to the dynamics of
inflation, notably regarding energy and food prices. The impact of
the increase in commodity prices has had a limited impact on the
Group’s performance to date, as it benefits from contracts
negotiated for the whole year for most of its purchases in Europe,
including goods not for resale. For now, the Group does not
anticipate any material effect of inflation on its full-year 2021
performance.
NET FREE CASH FLOW OBJECTIVE CONFIRMED
In this context, and given its good operational performance in
the third quarter, the Group confirms its net free cash-flow
generation objective for 2021, which continues to be expected
comfortably above the initial objective of €1bn.
AGENDA
- Digital Day : November 9, 2021
APPENDIX
Share capital decrease by way of cancellation of treasury
shares
On October 20, 2021, the Board of Directors, pursuant to the
authorization granted by the Extraordinary Shareholders’ Meeting,
decided to decrease the share capital of Carrefour S.A. by way of
cancellation of 12,252,723 treasury shares representing
approximately 1.6 % of the share capital.
These shares were repurchased from August 2, 2021 to September
13, 2021 within the framework of the €200 million share buyback
program decided by the Board of Directors on July 28, 2021.
After the cancellation of these shares, the outstanding number
of Carrefour S.A. shares will be 775,895,892 and the number of
treasury shares will hence be 9,457,539, representing approximately
1.2 % of the share capital. The number of shares carrying voting
rights will thus stand at 766,438,353.
Third-quarter 2021 sales inc. VAT
The Group’s sales amounted to €20,468m pre-IAS 29. Foreign
exchange had an unfavorable impact in the third quarter of -0.7%,
due to the depreciation of the Argentine Peso. Petrol had a
favorable impact of +2.0%. The calendar effect was a favorable
+0.1%. The effect of openings was +0.9%. The effect of acquisitions
was +2.1%. The impact of the application of IAS 29 was +€112m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LFL
Organic
at current exchange
rates
at constant exchange
rates
France
9,882
-0.3%
-2.0%
+2.1%
+2.1%
Hypermarkets
4,867
-2.8%
-3.3%
-0.2%
-0.2%
Supermarkets
3,295
+2.2%
-2.4%
+2.7%
+2.7%
Convenience /other formats
1,720
+2.5%
+2.7%
+8.0%
+8.0%
Other European countries
5,864
-1.2%
-1.7%
+0.9%
+1.4%
Spain
2,681
-2.3%
-2.2%
+3.9%
+3.9%
Italy
1,073
+0.8%
-3.5%
-2.5%
-2.5%
Belgium
1,010
-5.4%
-5.4%
-5.1%
-5.1%
Poland
499
+0.9%
+1.7%
+0.1%
+2.9%
Romania
601
+5.9%
+7.3%
+5.5%
+7.3%
Latin America (pre-IAS 29)
4,005
+7.3%
+10.2%
+10.8%
+14.7%
Brazil
3,369
-1.8%
+2.1%
+9.7%
+7.7%
Argentina (pre-IAS 29)
636
+57.0%
+56.9%
+16.9%
+56.6%
Asia
718
-5.2%
-5.6%
+22.3%
+16.8%
Taiwan
718
-5.2%
-5.6%
+22.3%
+16.8%
Group total (pre-IAS 29)
20,468
+0.8%
+0.3%
+4.0%
+4.6%
IAS 29(1)
112
Group total (post-IAS 29)
20,581
Note: (1) hyperinflation and foreign exchange
Comparable base and 2-year stack – Third quarter 2021
LFL change excl. petrol and
calendar
Q3 2020
Q3 2021
2-year stack(1)
France
+3.8%
-0.3%
+3.5%
Hypermarkets
+2.5%
-2.8%
-0.3%
Supermarkets
+4.9%
+2.2%
+7.1%
Convenience /other formats
+5.4%
+2.5%
+7.9%
Other European countries
+1.9%
-1.2%
+0.6%
Spain
+6.3%
-2.3%
+3.9%
Italy
-8.0%
+0.8%
-7.2%
Belgium
+5.4%
-5.4%
-0.0%
Poland
-1.4%
+0.9%
-0.5%
Romania
+0.0%
+5.9%
+5.9%
Latin America
+28.4%
+7.3%
+35.7%
Brazil
+26.0%
-1.8%
+24.2%
Argentina
+41.4%
+57.0%
+98.4%
Asia
+0.6%
-5.2%
-4.5%
Taiwan
+0.6%
-5.2%
-4.5%
Group total
+8.4%
+0.8%
+9.2%
Note: (1) sum of Q3 2020 LFL and Q3 2021 LFL
Technical effects – Third quarter 2021
Calendar
Petrol
Foreign exchange
France
+0.1%
+3.8%
-
Hypermarkets
+0.0%
+3.2%
-
Supermarkets
+0.3%
+4.7%
-
Convenience /other formats
+0.1%
+4.1%
-
Other European countries
+0.2%
+1.0%
-0.5%
Spain
+0.0%
+1.7%
-
Italy
+0.3%
+0.7%
-
Belgium
+0.4%
-
-
Poland
+0.6%
+0.6%
-2.8%
Romania
+0.1%
+0.0%
-1.9%
Latin America
-0.1%
+0.7%
-3.9%
Brazil
+0.0%
+1.1%
+2.1%
Argentina
-0.3%
-
-39.7%
Asia
+1.4%
-
+5.5%
Taiwan
+1.4%
-
+5.5%
Group total
+0.1%
+2.0%
-0.7%
Nine-month 2021 sales inc. VAT
The Group’s sales amounted to €58,725m pre-IAS 29. Foreign
exchange had an unfavorable impact in the first nine months of the
year of -3.5%, due to the depreciation of the Argentine Peso and
the Brazilian Real. Petrol had a favorable impact of +1.5%. The
calendar effect was an unfavorable -0.4%. The effect of openings
was +0.8%. The effect of acquisitions was +1.8%. The impact of the
application of IAS 29 was +€175m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LFL
Organic
at current exchange
rates
at constant exchange
rates
France
28,697
+2.6%
+0.5%
+3.0%
+3.0%
Hypermarkets
14,175
+1.5%
+0.9%
+2.5%
+2.5%
Supermarkets
9,754
+5.4%
-0.1%
+3.7%
+3.7%
Convenience /other formats
4,768
+0.5%
+0.7%
+3.0%
+3.0%
Other European countries
17,127
-1.6%
-1.8%
-0.3%
+0.2%
Spain
7,475
-1.2%
-0.9%
+3.6%
+3.6%
Italy
3,237
-4.8%
-7.9%
-6.9%
-6.9%
Belgium
3,192
-3.2%
-3.1%
-3.6%
-3.6%
Poland
1,497
+1.8%
+2.6%
-0.4%
+2.5%
Romania
1,727
+4.1%
+5.5%
+3.4%
+5.2%
Latin America (pre-IAS 29)
10,924
+11.2%
+13.9%
-1.4%
+16.2%
Brazil
9,182
+3.9%
+7.3%
-1.2%
+10.6%
Argentina (pre-IAS 29)
1,742
+45.3%
+45.2%
-2.3%
+44.7%
Asia
1,976
-4.5%
-6.1%
+14.4%
+14.3%
Taiwan
1,976
-4.5%
-6.1%
+14.4%
+14.3%
Group total (pre-IAS 29)
58,725
+2.9%
+2.3%
+1.5%
+5.0%
IAS 29(1)
175
Group total (post-IAS 29)
58,900
Note: (1) hyperinflation and foreign exchange
Comparable base and 2-year stack – Nine months 2021
LFL change excl. petrol and
calendar
9M 2020
9M 2021
2-year stack(1)
France
+2.9%
+2.6%
+5.5%
Hypermarkets
-0.1%
+1.5%
+1.5%
Supermarkets
+5.7%
+5.4%
+11.1%
Convenience /other formats
+6.2%
+0.5%
+6.7%
Other European countries
+4.2%
-1.6%
+2.6%
Spain
+7.5%
-1.2%
+6.3%
Italy
-4.4%
-4.8%
-9.2%
Belgium
+9.2%
-3.2%
+6.0%
Poland
+0.9%
+1.8%
+2.7%
Romania
+2.3%
+4.1%
+6.4%
Latin America
+22.2%
+11.2%
+33.4%
Brazil
+16.4%
+3.9%
+20.3%
Argentina
+53.9%
+45.3%
+99.2%
Asia
+1.6%
-4.5%
-2.9%
Taiwan
+1.6%
-4.5%
-2.9%
Group total
+7.5%
+2.9%
+10.4%
Note: (1) sum of 9M 2020 LFL and 9M 2021 LFL
Technical effects – Nine months 2021
Calendar
Petrol
Foreign exchange
France
-0.4%
+2.9%
-
Hypermarkets
-0.5%
+2.1%
-
Supermarkets
-0.3%
+4.0%
-
Convenience / other formats
-0.3%
+2.8%
-
Other European countries
-0.4%
+0.9%
-0.4%
Spain
-0.6%
+1.5%
-
Italy
+0.1%
+0.8%
-
Belgium
-0.5%
-
-
Poland
-0.6%
+0.5%
-2.9%
Romania
-0.3%
+0.0%
-1.8%
Latin America
-0.6%
+0.2%
-17.6%
Brazil
-0.5%
+0.6%
-11.8%
Argentina
-0.5%
-
-47.0%
Asia
+0.4%
-
+0.1%
Taiwan
+0.4%
-
+0.1%
Group total
-0.4%
+1.5%
-3.5%
Application of IAS 29
The impact on Group sales is presented in the table below:
Sales incl. VAT (€m)
2020
pre-IAS 29(1)
LFL(2)
Calendar
Openings
Scope and others(3)
Petrol
2021 at constant rates
pre-IAS 29
Forex
2021 at current rates
pre-IAS 29
IAS 29(4)
2021 at current rates post-IAS
29
Q1
19,445
+4.2%
-1.0%
+0.8%
-0.6%
-1.1%
+2.2%
-6.7%
18,564
+13
18,577
Q2
18,710
+3.6%
-0.4%
+0.8%
+0.6%
+3.8%
+8.3%
-3.0%
19,692
+49
19,742
H1
38,155
+3.9%
-0.7%
+0.8%
+0.0%
+1.3%
+5.2%
-4.9%
38,256
+63
38,319
Q3
19,690
+0.8%
+0.1%
+0.9%
+0.9%
+2.0%
+4.6%
-0.7%
20,468
+112
20,581
9M
57,845
+2.9%
-0.4%
+0.8%
+0.3%
+1.5%
+5.0%
-3.5%
58,725
+175
58,900
Notes: (1) restated for IFRS 5; (2) excluding petrol and
calendar effects and at constant exchange rates; (3) including
transfers; (4) hyperinflation and foreign exchange
Expansion under banners – Q3 2021
Thousands of sq. m
Dec. 31 2020
June 30 2021
Openings/ Store
enlargements
Acquisitions
Closures/ Store reductions/
Disposals
Q3 2021 change
Sept. 30 2021
France
5,507
5,543
+23
+4
-8
+19
5,563
Europe (ex Fr)
6,165
5,914
+38
-
-79
-41
5,873
Latin America
2,717
2,870
+39
-
-
+39
2,909
Asia
1,035
1,140
+5
-
-3
+2
1,142
Others(1)
1,486
1,480
+25
-
-4
+21
1,501
Group
16,910
16,947
+130
+4
-94
+41
16,988
Store network under banners – Q3 2021
N° of stores
Dec. 31 2020
June 30 2021
Openings
Acquisitions
Closures/ Disposals
Transfers
Total Q3 2021 change
Sept. 30 2021
Hypermarkets
1,212
1,224
+6
-
-4
-
+2
1,226
France
248
253
-
-
-
-
-
253
Europe (ex Fr)
456
455
+2
-
-4
-
-2
453
Latin America
185
184
-
-
-
-
-
184
Asia
172
172
+3
-
-
-
+3
175
Others(1)
151
160
+1
-
-
-
+1
161
Supermarkets
3,546
3,521
+56
-
-50
-1
+5
3,526
France
1,173
1,048
+3
-
-1
-3
-1
1,047
Europe (ex Fr)
1,864
1,904
+30
-
-47
+2
-15
1,889
Latin America
151
150
-
-
-
-
-
150
Asia
10
12
-
-
-
-
-
12
Others(1)
348
407
+23
-
-2
-
+21
428
Convenience stores
7,827
8,435
+133
+14
-92
-
+55
8,490
France
4,018
4,218
+49
+14
-22
-
+41
4,259
Europe (ex Fr)
3,156
3,344
+74
-
-63
-
+11
3,355
Latin America
530
535
+10
-
-1
-
+9
544
Asia
66
287
-
-
-6
-
-6
281
Others(1)
57
51
-
-
-
-
-
51
Cash & carry
392
419
+8
-
-1
-
+7
426
France
147
146
+1
-
-1
-
-
146
Europe (ex Fr)
13
13
-
-
-
-
-
13
Latin America
214
242
+7
-
-
-
+7
249
Asia
-
-
-
-
-
-
-
-
Others(1)
18
18
-
-
-
-
-
18
Soft discount (Supeco)
71
96
+4
-
-2
+3
+5
101
France
6
14
+3
-
-
+3
+6
20
Europe (ex Fr)
64
81
+1
-
-2
-
-1
80
Latin America
1
1
-
-
-
-
-
1
Asia
-
-
-
-
-
-
-
-
Others(1)
-
-
-
-
-
-
-
-
Group
13,048
13,695
+207
+14
-149
+2
+74
13,769
France
5,592
5,679
+56
+14
-24
-
+46
5,725
Europe (ex Fr)
5,553
5,797
+107
-
-116
+2
-7
5,790
Latin America
1,081
1,112
+17
-
-1
-
+16
1,128
Asia
248
471
+3
-
-6
-
-3
468
Others(1)
574
636
+24
-
-2
-
+22
658
Note: (1) Africa, Middle East and Dominican Republic
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 Excluding petrol and calendar
effects and at constant exchange rates 2 Hyperinflation and foreign
exchange in Argentina 3 Market share based on NielsenIQ RMS data
for total food and non-food sales for the 13-week period ending
26/09/2021 for Carrefour Group, Carrefour Supermarkets, Carrefour
Convenience and Carrefour Drive vs the French total retail market
(Copyright © 2021, NielsenIQ) 4 Sum of Q3 2020 LFL and Q3 2021
LFL
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211020005811/en/
Investor Relations Sébastien Valentin, 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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