Q4 2017 revenue up +2.3% at constant exchange rates


• 2017 : A difficult year overall
- Slowing sales momentum in 2017: +1.6% LFL in the full year vs +3.0% in 2016
- Recurring operating income expected at around €2.00bn in the full year (non-audited estimate), down about -15% at current exchange rates
- Free Cash Flow excluding exceptional items around €950m (non-audited estimate) vs. €1,039m in 2016

• An improved performance in the fourth quarter following an atypical third quarter  
- Like-for-like growth of 1.9% in Q4, marking a sharp improvement over the previous quarter (+0.5% in Q3) and in line with the first half (+2.1% in H1);
- Improved trends, notably in France (+ 1.5 % LFL in Q4 vs -0.9% in Q3), with:
> more favorable momentum in all formats
> successful Black Friday and year-end campaigns
- Growth still weak in Brazil, impacted by food deflation

• The Group’s transformation plan will be presented on January 23

Download the release of the 2018 01 17 (pdf 862.12 KB) Download the presentation of the 2018 01 17 (pdf 503.22 KB)

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