2016 Full-Year Results


Solid 2016 results, new paths for development ahead for Carrefour, the reference in food retail.

2016 key highlights

•    Increase in net sales: +2.7% at constant exchange rates to €76.6bn
Good performance in food in all countries; Excellent sales growth in Brazil and continued positive momentum in Europe

•    EBITDA1 of €3,886m, ROI of €2,351m, in line with expectations; operating margin holds up well at 3.1%
Strong increase in other European countries and continued excellent momentum in Brazil

•    Adjusted net income, Group share of €1,031m

•    Financial targets achieved
Free Cash Flow, excluding exceptional items, above €1bn, up 9.2% and slight reduction in net debt to €4.5bn

•    Multiformat and omnichannel expansion
871 store openings under banners in 2016; Deployment of new e-commerce websites and apps for food or non-food in all countries

•    Proposed dividend: €0.70, in cash or shares

(1) Recurring operating income before amortization and depreciation (including logistics amortization)  

2017 priorities & objectives

•    Comfort Carrefour’s position as the reference in food retail
•    Continue to deploy the multiformat and omnichannel model to benefit our clients
•    Grow sales by 3% to 5% at constant exchange rates
•    Maintain financial discipline: Capex of €2.4bn excluding Cargo Property and increase in free cash flow
•    Planned listing of Carrefour’s activities in Brazil and of Carmila, market conditions permitting

Georges Plassat, Chairman and Chief Executive Officer of Carrefour, declared:

“Carrefour emerges from 2016 a stronger company. The increase in sales, for the fifth consecutive year, attests to the relevance of our multiformat and omnichannel model, which is now a reality in all our countries. In 2017, Carrefour will continue to expand in all its formats, stores and digital, to enhance its proximity to its clients. Carrefour is resolutely the reference in food retail, anticipating trends, thus opening new paths for development and growth. Innovation, the pursuit of operational excellence and strict financial discipline will support value creation.”

2016 achievements in line with strategy

Carrefour, the reference in food retail, posted a strong performance in 2016.

Gross sales amounted to €85.7bn, up 3.3% excluding petrol at constant exchange rates. Sales grew both in Europe and in our international activities, reflecting the relevance of the predominantly food-based multiformat model.

In 2016, Carrefour continued its multi-format dynamic, which shifted the Group's center of gravity towards convenience formats, accelerating store openings, notably in Brazil, Spain, Poland and China. The group also continued its strategy of tactical acquisitions, in Romania with Billa stores and in Spain with selected Eroski stores. Lastly, in France, the transformation of the stores acquired from Dia was virtually completed, with a total of 622 stores converted to date to Carrefour banners. In addition, Carmila, of which Carrefour is the largest shareholder, continues to enhance the commercial sites adjacent to the Group's stores in France, Spain and Italy.

2016 was also marked by new advances in Carrefour’s evolution towards an omnichannel approach. Indeed, thanks to the complementarity between its multiformat physical network and its e-commerce format, which is gaining strength, Carrefour multiplies opportunities to develop contacts with customers and sales, as part of its resolutely omnichannel approach. For example, in France, clients who use several Carrefour formats already account for half of the total number of clients and two-thirds of sales.

The rise of the omnichannel approach is supported by acceleration of digital:
•    Gross Merchandise Volume in food and non-food amounts to €1.2bn in 2016. It should triple by 2020 to reach €4bn.
•    Carrefour now has an online offer in all of its integrated countries, with in particular the launch in 2016 of a non-food offer in Brazil, a food offer in China and a marketplace in Spain;
•    The Group made targeted acquisitions to accelerate the deployment of e-commerce activities, including Rue du Commerce and Greenweez, a site specializing in organic foods, in France.

Carrefour is also returning to a culture of innovation, be it in formats, concepts or products. Thus, sales of organic products throughout the world reached more than €1bn in 2016, up 32%.

Finally, in 2016, the Group continued its efforts to improve its operational efficiency, including the completion of the plan to integrate and optimize logistics in China and the continuation of the Caravelle project in France.


Download the release 2016 Full-Year Results (pdf 804.83 KB) Download the presentation 2016 Full-Year Results (pdf 3.92 MB) Download the Management's discussion and analysis - as of December, 2016 (pdf 289.09 KB) Download the Consolidated Financial Statements - as of December, 2016 (pdf 749.58 KB)

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