2017 First-Half Results


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)

Download the press release 2017 First-Half Results (pdf 896.24 KB) Download the presentation 2017 First-Half Results (pdf 1.36 MB) Download the Half-Year Financial Report - 30 June 2017 (pdf 417.74 KB)

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