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2014 HIGHLIGHTS
Financial
overview
Carrefour confirmed its growthmomentum
in 2014 illustrated by an acceleration
of sales growth, with organic sales up 3.9%
(excluding petrol and excluding calendar).
Profits increased as well, both in Europe and
in emergingmarkets, with recurring operating
income up 10.6%at constant exchange rates.
In France, Carrefour posted further organic
sales growth excluding petrol (+1.2%),
highlighting the dynamismof itsmulti-format
model. Profitability rose in its other European
countries, notably in Spain.
In emergingmarkets, recurring operating income
increased by 14.9%at constant exchange rates.
Carrefour continued its programme to bring up to
standards, modernise and develop its store network,
with a total investment of €2.4 billion.
In 2014, Carrefour’s free cash flowamounted
to €306million, up from€26million in 2013.
74,888
74,706
2013 2014
Net sales
(in €M)
Net sales
by geographic region
(in €M)
Asia
6,288
France
35,336
Other
countries
inEurope
19,191
Latin
America
13,891
NET SALES
Net sales rose by 2.9% at constant
exchange rates compared with 2013
(–0.2% at current exchange rates) with
an increase both in France and interna-
tionally. Sales growth was primarily due
to higher like-for-like sales (excluding
petrol and calendar) of 2.8%, the best
performance recorded for over 7 years.
France recorded organic sales growth
of 1.2% excluding petrol (–0.3% on a
reported basis), on a strong comparable
basis of 1.0%excluding petrol in 2013.
All formats posted organic growth for
the second consecutive year.
Attractiveness improved across our
various activities, with consistently
improving price perception, a higher
number of check-out transactions,
and an increase in overall customer
satisfaction.
In other European countries, net sales
fell by 0.2%at constant exchange rates,
reflecting the continued recovery in
Spain and an improvement in sales
trends in Italy in the second half thanks
to the continued deployment of action
plans.
In Latin America, organic sales were up
by 18.1%, over what was already a high
basis of comparison in 2013. Carrefour
consolidated its leading position in food
retail in Brazil and Argentina.
In Asia, organic sales declined in 2014
(–1.8%), reflecting the frugal consumption
environment in China.
More information
in the 2014 Registration Document
available on
www.carrefour.com€100
.
5
BILLION
SALES INCL. VAT
UNDER GROUP BANNERS
90