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Management’s discussion and analysis as of December 31, 2015
First quarter 2016 sales
Like-for-like sales in
international
activities rose by 5.3%. The calendar
In
Latin America
, like-for-like sales were up by +13.5% (+17.1% on an
effect was +0.6% in the quarter. The currency impact is strong at
organic basis). The currency effect was -34.0%.
-12.6%.
In
Brazil,
like-for-like sales were up by +9.9% (+14.3% on an organic
In
other European countries
, like-for-like sales were up +3.2%. Every
basis) on a strong comparable base of +8.4% in the first quarter of
country posted like-for-like growth in the quarter.
2015. All formats posted continued growth. Like-for-like sales in
Argentina
rose by +23.6%.
Like-for-like sales in
Spain
continued to grow, with a rise of +3.4% in
the first quarter. Trends also improved in
Italy,
where like-for-like sales
Like-for-like sales in
Asia
were down 4.9%.
China
posted a sequential
were up by +4.5%. Sales in
Belgium
were up by +1.0% on a like-for-like improvement with like-for-like sales down 8.4%. In
Taiwan,
where
basis. They were also up in
Poland
and sharply up in
Romania.
trends accelerated, sales grew for the fifth consecutive quarter with
like-for-like sales up +8.4%.
Variation of first quarter 2016 sales inc. VAT
Change at
Change at current
constant
Organic growth
Total sales inc. VAT exchange rates
exchange rates
LFL ex petrol
ex petrol
(in millions of euros)
inc. petrol
inc. petrol
LFL inc. petrol
ex calendar
ex calendar
France
9,335
(1.8)%
(1.8)% (1.2)%
0.0% (0.8)%
Hypermarkets
4,887
(2.1)%
(2.1)% (2.1)% (0.6)% (0.6)%
Supermarkets
2,991
(2.8)%
(2,8)% (1.7)% +0.7% (1.7)%
Convenience/other formats
1,456
+1.4%
+1.4% +4.4% +1.1% +0.5%
International
10,718
(6.4)%
+6.2% +5.7% +5.3% +6.1%
Other European countries
5,196
+0.9%
+1.3% +2.7% +3.2% +2.5%
Spain
2,024
+0.6%
+0.6% +1.9% +3.4% +2.4%
Italy
1,332
+1.3%
+1.3% +3.9% +4.5% +4.2%
Belgium
1,055
+1.2%
+1.2% +1.6% +1.0% +0.6%
Latin America
3,451
(15.2)%
+18.7% +15.0% +13.5% +17.1%
Brazil
2,665
(12.5)%
+16.7% +12.2% +9.9% +14.3%
Asia
2,071
(7.1)%
(5.2)% (4.8)% (4.9)% (5.2)%
China
1,582
(10.8)%
(8.8)% (8.1)% (8.4)% (9.1)%
GROUP TOTAL
20,053
(4.3)%
+2.6% +2.7% +3.1% +3.2%
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2015 REGISTRATION DOCUMENT