Paris 10.16.2017, 17h36   CRF  17.31 €  +0.84%

Le Goût des Autres

We savour relationships.
They drive us to break down barriers.
They allow us to learn from others in a spirit of humility.
They encourage us to cast out clichés
and develop our curiosity.



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*Solid sales growth of +6.2% Recurring operating income of €621m* *•    Net sales up +6.2% to €38.5bn*, reflecting the combination of a good like-for-like performance and the effect of expansion: - Opening of 352 stores under banners in the half, of which 290 convenience stores, mainly in Europe - Successful integration of the Eroski stores in Spain and Billa stores in Romania *•    Recurring operating income (ROI) of €621m*, down 12.1% at current exchange rates, resulting in an operating margin of 1.6%, notably reflecting: - A 70 basis point drop in operating margin in France, due to a strongly competitive and promotional market and the increase vs. H1 2016 of losses at ex-DIA stores - An increase in losses in Argentina, where the economic recovery is taking time to materialize These results also reflect: - A pause in profitability improvement in Other European Countries, notably linked to the non-recurring impact of integrating acquisitions - A first improvement in operating profitability in Asia - Margin holding up well in Brazil, despite lower contribution from financial services, notably linked to a regulatory change on consumer credit *•    Free cash flow excluding exceptional items and Cargo of -€2,587m vs. -€2,106m* in H1 2016, due to a short-term variation in working capital requirements *•    Successful stock market listings of Grupo Carrefour Brasil and Carmila *in July 2017 *•    Carrefour’s new management team is fully focused on improving the Group’s performance and adapting to the rapid and far-reaching evolutions within the industry.* Management will come back to the market by the end of the year.   *> Access the audiocast (from 2017 August 31st afternoon) [1]* [1]

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