Q2 2010 Sales
July 15th, 2010
Solid sales in a contrasted environment
H1 2010 sales (incl. VAT) of € 48.9bn, +5.9% at current exchange rates
(+1.5% ex petrol at constant exchange rates)
Q2 2010 sales (incl. VAT) of € 24.9bn, +6.3% at current exchange rates
(+0.8% ex petrol at constant exchange rates)

France: continued growth for Carrefour Market, encouraging signs for hypermarkets in Q2
-Like-for-like market share gains by Carrefour banners (source: Nielsen): + 80 bp since the beginning of the year, driven by Carrefour Market (+1.8% ex petrol in Q2) and improved sales in hypermarkets (-1.4% like-for-like ex petrol in Q2 vs. -2.9% in Q1)
- Continuing strong performance of stores converted to the Carrefour City and Carrefour Contact banners

Europe: sales impacted by the restructuring of our Belgian activities and by the economic situation in Southern Europe
- Like-for-like sales decrease in Spain (-5.5% ex petrol in Q2) reflecting continued deflationary pressure and the decrease of discretionary spending
- Impact of labour movements in Belgium after the announcement of our intention to restructure our activities (8.6% decline of like-for-like sales in Q2)

Solid growth in Latin America (+13.1% at constant exchange rates) and acceleration in Asia: (+9.3% at constant exchange rates)
- Accelerating growth in China, +5.7% like-for-like in Q2 vs. +4.5% in Q1

Hard discount: robust performance in Spain, successful convergence in France
- Good resilience in Spain, with growth in volumes in a deflationary environment (like-for-like decrease limited to -1% in Q2)
- Strong growth in emerging markets
- Continued success in France of the conversion of stores from the ED to the Dia banner, which are registering sustained growth in the 170 stores converted at the end of H1 2010

Confirmation of the objective of growth in Activity Contribution for 2010
For the First Half, Activity Contribution is expected to be close to €1,100m (including a positive impact of the CVAE (1) of approximately €45m and an estimated negative impact of €36m linked to labour movements in Belgium). For full-year 2010, we are expecting activity contribution of around €3.1bn, taking into account the positive impact of CVAE (evaluated at €90m) and a negative impact from labour disruptions in Belgium of c.€40m

Lars Olofsson, CEO and Board Member of Carrefour, declared: “In a contrasted environment, we posted solid sales in the first half, with continued market-share gains in France, strong growth in Latin America and faster growth in Asia.
In Belgium, we reached an agreement with our partners allowing us to start anew on an improved and stronger footing. We are also consolidating our positions in growth markets through acquisitions of hypermarkets in China and of supermarkets in Turkey. With its First Half performance, flawless execution of the Transformation Plan and the Executive Board team now in place, Carrefour is building on its momentum to achieve its 2010 objectives.”

(1) CVAE: Cotisation sur la Valeur Ajoutée des Entreprises, Business tax on added value, introduced in 2009