Regulatory News:

2010 sales incl. VAT: €101.0 bn, +5.8% at current exchange rates

Q4 2010 sales incl. VAT: €27.1 bn, +5.1% at current exchange rates

Estimated 2010 Activity Contribution: +9.4%

Carrefour (Paris:CA):

    Q4 2010  

current

   constant   LFL   FY 2010  

current

   constant   LFL
Sales incl. VAT (€ million) 27,128 +5.1% +2.2% +1.0% 101,018 +5.8% +2.5% +0.9%
Sales incl. VAT ex-petrol(€ million) 25,003 +4.7% +1.6% +0.3% 92,685 +4.9% +1.6% -0.1%

FRANCE – Slowdown in Q4 impacting full-year Lfl sales growth

  • Hypermarkets: Sales impacted by transportation and weather disruptions
  • Carrefour Market: Continuing sales growth
  • Convenience stores: Strong performance from stores converted to Carrefour Contact/ City (409 stores at year-end); Launch of new concepts: Carrefour Express and Carrefour City Café
  • Market share gain: +50bp* like?for?like year to date for Carrefour banners

EUROPE – Improving Q4 performance in Belgium & Spain

  • Belgium: First quarterly Lfl sales growth in 6 years: +1.5%
  • Spain: Encouraging signs, improving trends in food sales (-1.7%) in Q4 ( vs-7.6% in 9 months 2010)

EMERGING MARKETS – Solid Q4 growth in Latin America and Asia

  • Brazil: Strong growth at constant exchange rates of +13.7%, boosted by Atacadao's excellent performance
  • China: Solid growth of +12.5% at constant exchange rates

HARD DISCOUNT – Improving Q4 performance, strong growth in emerging markets

  • Spain: Continued market share gains in a persistently challenging environment
  • France: Sustained growth in the 301 stores converted to Dia banner by the end of Q4 2010
  • Emerging markets: Continued strong growth

COMPLETION OF EXTERNAL AUDIT IN BRAZIL

  • Confirmation of final one-off charge of €550m and decision to launch appropriate legal proceedings

ACTIVITY CONTRIBUTION

- Restatement of 2009 consolidated accounts and impact on 2010E accounts. Upon completion of audits in Brazil, our 2009 AC will be revised downwards by €52m. In addition, our 2010 AC will be impacted negatively by a €30m one-off charge. Both amounts are part of the €550m one-off charge for Brazil

- Solid AC growth

  • Underlying 2010E AC of €3,025m, up 11.0% vs. underlying 2009 AC of €2,725m
  • Reported and restated 2010E AC of €2,965m, (impacted by a further €54m one-off charge following completion of external audits), up 9.4% vs restated 2009 AC of € 2,710m

Lars Olofsson, CEO and Board Member, declared:

?In a challenging environment, particularly in the second-half, Carrefour achieved solid sales growth and AC improvement for the full year. 2010 was a year of contrasts for Carrefour: heavy one-off charges weighed on our results, but we also saw several very satisfying achievements. Our Transformation Plan is on track and keeps on delivering strong results: improved price image and market share gains in France, very promising results of Carrefour Planet pilot stores and significant cost reductions exceeding €500 million. In addition, we posted solid growth in emerging markets and improved performances notably in Belgium, Poland, Taiwan and at Dia. Our teams will continue to build on these achievements in 2011 and remain focused on executing our Transformation Plan.?

GROUP

Fourth quarter 2010

   

Sales inc.
VAT

(€ m)

  LFL

(%)

  Expansion

(%)

  Organic

growth

(%)

 

Acquisitions

(%)

     

Total at
constant
exch.

rates

(%)

  Currency

impact

(%)

  Total

(%)

     

LFL ex-
petrol

(%)

     

Total at
constant
exch. rates
(ex-petrol)

(%)

France 11,184 0.1 0.3 0.4 0.0   0.4 0.0 0.4   -1.1   -0.8
Europe (ex Fr) 9,065 -1.1 -1.1 -2.2 0.1   -2.1 0.8 -1.3   -1.8   -2.8
Latin America 4,981 8.0 6.2 14.2 0.7   14.9 12.0 26.9   8.4   15.6
Asia 1,898 1.8 9 10.8 1.1   11.9 26.1 38.0   1.8   11.9
TOTAL 27,128 1.0 0.9 1.9 0.3   2.2 3.0 5.1   0.3   1.6

Full-Year 2010

   

Sales inc.
VAT

(€ m)

  LFL

(%)

  Expansion

(%)

  Organic

growth

(%)

 

Acquisitions

(%)

     

Total at
constant
exch.

rates

(%)

  Currency

impact

(%)

  Total

(%)

     

LFL ex-
petrol

(%)

     

Total at
constant
exch. rates
(ex-petrol)

(%)

France 41,878 1.4 0.1 1.5 0.0   1.5 0.0 1.5   -0.5   -0.5
Europe (ex Fr) 33,647 -2.8 0.4 -2.4 0.1   -2.3 0.9 -1.4   -3.3   -2.8
Latin America 17,588 7.9 6.0 13.9 0.7   14.6 16.4 31.0   7.9   15.0
Asia 7,905 2.4 12.2 14.6 0.3   14.9 15.8 30.7   2.4   14.9
TOTAL 101,018 0.9 1.5 2.4 0.1   2.5 3.3 5.8   -0.1   1.6

FRANCE

  • Challenging Q4 environment, limiting full-year Lfl sales growth
  • Like?for?like market share gains*: +50bp for Carrefour banners (excluding ED/Dia)
  • Lfl sales ex?petrol increase up +0.2% for Carrefour Market
  • Successful banner conversion: good performance by the 409 Carrefour City and Carrefour Contact and 301 Dia stores that have been converted
  Fourth Quarter 2010       Full-Year 2010
           
  Sales inc.

VAT

(€ m)

LFL

(%)

Expansion

(%)

Total

(%)

  Sales inc.

VAT

(€ m)

LFL

(%)

Expansion

(%)

Total

(%)

France 11,184 0.1 0.3 0.4   41,878 1.4 0.0 1.5
Hypermarkets 5,975 -1.6 0.2 -1.3   21,541 -0.6 0.1 -0.5
Supermarkets 2,439 0.6 0.6 1.1   9,517 3.6 0.6 4.2
Hard discount 580 -5.6 -5.2 -10.8   2,401 -8.4 -2.3 -10.6
Others 2,189 6.1 2.1 8.2   8419 7.7 0.1 7.8

The calendar impact is estimated at 0.3% over the period. Excluding petrol, sales in France were down ?0.8% this quarter.

Hypermarkets

In Q4, like?for?like sales excluding petrol were down ?2.5% (?2.7% excluding calendar effect of 0.2%)

  • Food sales were down ?0.2% in Q4
  • Non?food sales decreased by ?7.3% in Q4
  • Traffic trends are improving sequentially, down by 1.1% in Q4 after a ?1.2% drop in Q3, a ?2.7% drop in Q2 and a ?4.6% drop in Q1.
  • Average basket decreased by 1.5 %.

Q4 was impacted by an adverse environment including strikes and weather conditions.

Supermarkets

Like?for?like supermarket sales increased by 0.2% ex?petrol. With 949 stores converted to the Carrefour Market banner, the supermarket convergence programme is virtually completed and a majority of stores have been converted more than one year ago. Traffic decreased by ?2.4% while average basket increased by +2.7%.

Hard discount, convenience stores and other activities

ED integrated stores posted sales down ?10.8%, or ?5.6% on a like?for?like basis. The figure was still impacted by temporary store closures linked to the conversion process, representing ?0.5%, and was also impacted by weather conditions in December. Newly?converted Dia stores continued to post a strong performance, with a large part of the improvement due to increased traffic. At the end of December, 301 stores had been converted or opened under the Dia banner.

Other activities posted sales growth of +8.2%, or +6.1% on a like?for?like basis, reflecting an improvement in our sales to franchisees, boosted by Carrefour Market, Carrefour City and Carrefour Contact. The franchised convenience store network recorded sales growth of +4.4% on a like?for?like basis in Q4.

WESTERN EUROPE (excluding France)

  • First quarterly growth in like-for-like sales in Belgium in 6 years: +1.5% despite weather impact 
  • Q4 sales reflected closure of 8 hypermarkets and 3 supermarkets and transfer to franchisees of 4 supermarkets and 1 hypermarket at the end of July. 16 supermarkets were transferred to Mestdagh at the end of September, in accordance with the agreement reached on July 2.
  • Encouraging signs in Spain in Q4 despite a persistently difficult environment
  Fourth Quarter 2010       Full-Year 2010
           
  Sales inc.

VAT

(€ m)

LFL

(%)

Expansion

(%)

Total

(%)

  Sales inc.

VAT

(€ m)

LFL

(%)

Expansion

(%)

Total

(%)

Western Europe (G3) 6,675 -0.4 -2.3 -2.7   24,752 -2.6 -0.9 -3.5
                   
Spain 3,829 -1.1 0.8 -0.3   14,059 -2.6 1.0 -1.7
Hypermarkets 2,419 -1.3 0.1 -1.3   8,598 -3.4 0.4 -3.0
Supermarkets 190 -2.4 5.8 3.4   739 -5.2 2.9 -2.3
Hard discount 903 -1.4 -3.4 -4.8   3,580 -0.9 -2.1 -3.0
Others 316 3.2 18.8 22.0   1,142 -0.1 15.8 15.7
                   
Italy 1,703 0.1 -6.5 -6.4   6,440 -1.8 -3.7 -5.5
Hypermarkets 778 -1.2 -3.6 -4.8   2,769 -3.1 -4.8 -8.0
Supermarkets 478 -4.1 -2.6 -6.7   1887 -0.6 -1.1 -1.6
Hard discount 0.0 0.0 0.0 0.0   0.0 0.0 0.0 0.0
Others 447 8.5 -17.3 -8.8   1,784 -0.9 -4.7 -5.6
                   
Belgium 1,144 1.5 -6.2 -4.7   4,253 -3.7 -2.5 -6.2
Hypermarkets 551 -0.1 -8.9 -9.0   1,978 -6.0 -3.7 -9.8
Supermarkets 154 1.2 -31.0 -29.8   723 -6.0 -8.9 -14.9
Hard discount 0.0 0.0 0.0 0.0   0 0.0 0.0 0.0
Others 439 3.9 12.8 16.8   1,551 1.1 2.9 4.0

Spain

Sales in Spain were down ?0.3% (?1.6% ex petrol) in a challenging environment.

Hypermarket like?for?like sales fell by ?1.3% (?3.3% ex petrol). Non?food decreased by ?5.6%, broadly in line with Q3 (?6.2%).

Food sales decreased by a limited 1.7% (vs -6.3% in Q3 and -7.6% in the 9 first months), impacted by deflation estimated at around 1.5%.

Carrefour Express sales were down ?2.4% on a like-for-like basis (vs -5.9% in Q3) and up 3.4% in total, also impacted by the challenging economic environment and deflation.

Hard discount sales recorded a -1.4% decrease on a like?for?like basis, or a ?4.8% decrease in total. In this format, sales remained impacted by food deflation but this was offset by the increase in volumes. This quarter was also impacted by a negative calendar impact estimated at -2.0% over the period.

Italy

Total sales in Italy decreased by ?6.4% this quarter. The disposal of 8 hypermarkets in the South of the country had a negative impact of 10 bp on sales. Like?for?like sales in hypermarkets fell by ?1.2%, reflecting an improving trend in Q4 in a challenging environment (?1.2% like-for-like in Q4 vs. ?2.8% in Q3).

Supermarkets recorded a ?4.1% LFL decrease, reflecting a deterioration in traffic.

Belgium

Sales in Belgium fell by ?4.7% in total. Sales were impacted by store closures at the end of July, in accordance with the agreement signed on July 2 (8 hypermarkets and 3 supermarkets closed and 20 hypermarkets and 1 hypermarket transferred to franchisees).

Like?for?like sales increased by 1.5% in Q4, the first quarterly growth in 6 years, in spite of the weather impact and supported by a good performance in food (+2.2%).

Hypermarket like-for-like sales were broadly stable (-0.1% like-for-like sales). Supermarket sales were up +1.2% on a like?for?like basis. Our franchisees activities (supermarkets and convenience, over one third of the country's sales) were up, with a +3.9% increase on a like?for?like basis.

GROWTH MARKETS

  • Sustained sales growth (+9.0% at constant exchange rates)
  • Strong growth in Brazil at constant exchange rate of +13.7%, boosted by excellent performance of Atacadao
  • Solid growth in China of +12.5% at constant exchange rate
  • Second consecutive quarter of Lfl growth in Taiwan
  Fourth Quarter 2010       Full-Year 2010
                   
  Sales inc.
VAT

(€ m)

LFL

(%)

Expansion

(%)

Total at
constant
exch.

rates

(%)

Currency

impact

(%)

Total

(%)

  Sales inc.
VAT

(€ m)

LFL

(%)

Expansion

(%)

Total at
constant
exch.

rates

(%)

Currency

impact

(%)

Total

(%)

Growth Markets 9,269 3.4 5.6 9.0 9.8 18.8   34,389 3.3 6.1 9.4 10.9 20.3
                           
Latin America 4,981 8.0 6.9 14.9 12.1 26.9   17,588 7.9 6.7 14.6 16.4 31.0
Brazil 3,542 5.6 8.1 13.7 13.2 26.9   12,459 5.5 7.7 13.2 20.5 33.7
Argentina 955 22.6 3.5 26.1 5.8 31.9   3,426 20.3 3.5 23.8 0.4 24.2
Colombia 484 -2.5 5.9 3.4 15.3 18.7   1,704 -1.0 7.6 6.6 19.9 26.5
                           
Asia 1,898 1.8 10.1 11.9 26.1 38.0   7,905 2.4 12.5 14.9 15.8 30.7
China 1,184 3.3 9.2 12.5 12.9 25.4   4,857 5.0 9.7 14.7 5.9 20.7
Taiwan 322 1.1 -1.9 -0.8 15.7 14.9   1,456 -1.7 0.2 -1.5 9.5 8.0
Indonesia 272 0.6 4.5 5.1 15.6 20.8   1,095 -1.8 4.6 2.8 20.6 23.4
Others countries 121 -8.1 5.9 -2.2 17.9 15.7   497 -4.4 8.6 4.2 14.7 18.9
                           
Europe 2,390 -3.3 2.9 -0.4 3.2 2.9   8,895 -3.2 4.5 1.3 3.7 4.9
Poland 662 0.8 -0.1 0.7 5.2 5.8   2,278 2.7 0.4 3.1 8.2 11.4
Turkey 466 -3.2 8.3 5.1 11.3 16.4   1,785 -2.5 10.5 8.0 8.9 17.0
Romania 327 -4.3 5.2 0.9 -0.6 0.2   1,130 -5.0 4.1 -0.9 0.5 -0.4
Greece 699 -8.1 2.4 -5.7 0.0 -5.7   2,719 -7.6 3.5 -4.1 0.0 -4.1
Portugal 232 1.7 1.6 3.2 0.0 3.2   917 -2.8 3.0 0.2 0.0 0.2
Others countries 4 NA NA -22.5 0.0 -22.5   67 14.5 239.8 254.2 0.0 254.2

Latin America

Sales in Latin America increased by +14.9% at constant exchange rates (+26.9% at current exchange rates), boosted by solid like-for?like performance (+8.0%). Expansion in the zone remains sustained and contributed +6.9% to the growth in sales.

In Brazil, sales were up +13.7% at constant exchange rates (+26.9% at current exchange rates), including +5.6% on a like?for?like basis. Atacadao contributed particularly to the growth in sales, with a +11.9% like?for?like increase this quarter.

In Argentina, sales increased by +26.1% at constant exchange rates (+31.9% at current exchange rates). On a like?for?like basis, sales increased by +22.6%, reflecting sustained inflation and an increase in volumes. All formats contributed to the like?for?like growth in sales and particularly hard discount (+26.9% on a like?for?like basis).

In Colombia, sales rose by +3.4% at constant exchange rates (+18.7% at current exchange rates), including -2.5% on a like?for-like basis.

Asia

Sales in Asia increased by +11.9% at constant exchange rates (+38.0% at current exchange rates). On a like?for?like basis, sales rose by +1.8%.

In China, sales were up +12.5% at constant exchange rates (+25.4% at current exchange rates). On a like?for?like basis, sales increased by +3.3%. Expansion in the zone remains sustained and contributed +9.2% to the growth in sales. At the end of December, Carrefour operated 182 hypermarkets in China.

In Taiwan, on a like?for?like basis, sales increased by +1.1% This is the second consecutive quarter of like-for-like sales growth .

In Indonesia, sales increased by +5.1% at constant exchange rates, and by 0.6% on a like?for?like basis.

In total, other countries in Asia reported sales down -2,2% at constant exchange rates and down ?8.1% on a like?for?like basis.

Sales in Malaysia rose by +1.2% at constant exchange rates.

Europe

Sales in our other markets in Europe decreased by ?3.3% on a like?for?like basis and decreased by -0.4% at constant exchange rates.

Our sales were impacted in Greece by the deterioration of the economic environment. Sales decreased by ?8.1% on a like?for?like basis and ?5.7% in total.

Our sales increased by +3.2% in Portugal and by 0.2% in Romania (+0.9% at constant exchange rates). Sales in Poland are up +0.7% at constant exchange rates. In Turkey, sales increased by +5.1% at constant exchange rates, boosted by expansion.

2010 ACTIVITY CONTRIBUTION

Upon completion of internal and external audits commissioned in Brazil by the Company, the final charges we will record stand at €550m.
These one-off charges are composed mainly of depreciation and inventory adjustments, provisions for labor and tax litigation, non-recoverable supplier rebates and depreciation of tangible assets.

In accordance with IFRS, consolidated accounts will be restated. This restatement will imply the following estimated adjustments:

m€   2010   2009
Activity Contribution -30 -52
Non-current charges -240 -26
Opening Equity -50 -152
Total -320 -230

We also decided in Q4 2010 to mandate further internal and external audits in additional countries. Those reviews resulted in a final one-off €54 m charge booked at the Activity Contribution level.

Our 2010E Activity Contribution now stands at €2,965 million, posting a 9.4% increase (vs. 2009 restated Activity Contribution of €2,710m), after taking into account:

- a €30m charge in Brazil now booked at Activity Contribution level and not as a non-current charge as communicated previously,

- an additional €54m one-off charge for accounting adjustments

Our underlying 2010E Activity Contribution stands at €3,025 million, posting an 11.0% increase (vs 2009 underlying Activity Contribution of € 2,725m), after excluding:

- an additional €54m one-off charge for accounting adjustments,

- the positive impact of CVAE of €90m,

- the negative impact from labour disruptions in Belgium of €40m,

- the negative impact of €56m restatement of Thailand as "discontinued operations" following the disposal of our business

It is worth noting that this underlying AC includes the €30m charge in Brazil now booked at Activity Contribution level and no longer as a non-current charge as communicated previously.

Bridge table for 2009 accounts, €m

    2009
Activity contribution 2777
Brazil -52
Restated activity contribution 2725
Thailand -15
Restated activity contribution 2710

Bridge table for 2010E accounts, €m

    2010E
Estimated activity contribution 2965
Thailand 56
Restated estimated activity contribution 3021
CVAE -90
Belgium 40
Other one-off 54
Underlying estimated activity contribution 3025

EXPANSION

Since the beginning of the year, we opened or acquired 1,166 new stores under group banners, accounting for 902,000 sqm in gross new space. Net of reductions in selling space during this period, new square meters were 874,000 sqm.

Over the fourth quarter 2010, we opened or acquired 383 new stores under group banners, accounting for 353,000 sqm in gross new space. Net of reductions in selling space during the quarter, new square meters were 338,000 sqm.

In France, we added 33,000 sqm, through new store openings or extensions, including, 8,000 sqm at supermarkets, 9,000 sqm at hard discount stores, 6,000 sqm for convenience stores and 11,000 sqm at cash and carry stores. 2 supermarkets, 9 hard discount stores, 48 convenience stores and 8 cash and carry stores were opened or acquired over the period.

In Europe (excluding France), we opened or acquired 3 new hypermarkets, 43 supermarkets, 123 hard discount stores and 57 convenience stores. In total, we added a total of 107,000 sqm in space through acquisitions and new store openings. Net of reductions in selling space during this period, new square meters were 100,000 sqm.

In Latin America, 2 hypermarkets, 1 supermarket, 45 hard discount stores and 9 convenience stores were opened or acquired over the quarter, representing a total of 33,000 sqm. Net of reductions in selling space during this period, new square meters were 23,000 sqm.

In Asia, 24 hypermarkets, 8 hard discount stores and 1 cash and carry store were opened or acquired, for a total of 182,000 sqm.

DEVELOPMENT OF STORE NETWORK BY BANNERS – Q4 2010

No. of stores   Sept. 2010       Openings   Acquisitions   Closures   Transfers   Disposals       Dec. 2010
                   
Hypermarkets 1,419   22 7 4 -1 42   1,401
France 231   0 0 0 0 0   231
Europe (ex Fr) 506   3 0 2 -1 0   506
Latin America 326   2 0 0 0 0   328
Asia 356   17 7 2 0 42   336
                   
Supermarkets 2,948   46 0 40 -2 0   2,952
France 973   2 0 1 -1 0   973
Europe (ex Fr) 1,801   43 0 39 -1 0   1,804
Latin America 155   1 0 0 0 0   156
Asia 19   0 0 0 0 0   19
                   
Hard discount 6,647   185 0 111 348 0   6,373
France 932   9 0 5 0 0   936
Europe (ex Fr) 4,493   123 0 73 -348 0   4,195
Latin America 836   45 0 25 0 0   856
Asia 386   8 0 8 0 0   386
                   
Convenience 4,671   114 0 76 351 1   5,059
France 3,195   48 0 27 1 0   3,217
Europe (ex Fr) 1,424   57 0 48 350 0   1,783
Latin America 36   9 0 0 0 0   45
Asia 16   0 0 1 0 1   14
                   
Cash & carry 143   9 0 0 0 0   152
France 129   8 0 0 0 0   137
Europe (ex Fr) 14   0 0 0 0 0   14
Asia 0   1 0 0 0 0   1
                   
Total 15,828   376 7 231 0 43   15,937
France 5,460   67 0 33 0 0   5,494
Europe (ex Fr) 8,238   226 0 162 0 0   8,302
Latin America 1,353   57 0 25 0 0   1,385
Asia 777   26 7 11 0 43   756

Q4 2010 – CONSOLIDATED SALES (including VAT)

    Q4 2010 sale
(€ m)s		   Q4 2009 sales
(€ m) 		  Change at current
exchange rates
(%) 		  Change at constant
exchange rates
(%)
France 11,184 11,142 0.4 0.4
         
Spain 3,829 3,841 -0.3 -0.3
Italy 1,703 1,820 -6.4 -6.4
Belgium 1,144 1,200 -4.7 -4.7
Greece 699 742 -5.7 -5.7
Portugal 232 225 3.2 3.2
Poland 662 625 5.8 0.7
Turkey 466 400 16.4 5.1
Romania 327 326 0.2 0.9
Others 4 6 -22.5 -22.5
Europe 9,065 9,185 -1.3 -2.1
         
Brazil 3,542 2,792 26.9 13.7
Argentina 955 724 31.9 26.1
Colombia 484 408 18.7 3.4
Latin America 4,981 3,924 26.9 14.9
         
China 1,184 944 25.4 12.5
Taiwan 322 280 14.9 -0.8
Malaysia 98 82 20.2 1.2
Indonesia 272 225 20.8 5.1
Singapore 22 22 -0.6 -14.6
Asia 1,898 1,554 38.0 11.9
         
Group 27,128 25,804 5.1 2.2

FULL-YEAR – CONSOLIDATED SALES (including VAT)

    FY 2010 sales
(€ m) 		  FY 2009 sales
(€ m) 		  Change at current
exchange rates
(%) 		  Change at constant
exchange rates
(%)
France 41,878 41,276 1.5 1.5
         
Spain 14,059 14,296 -1.7 -1.7
Italy 6,440 6,816 -5.5 -5.5
Belgium 4,253 4,534 -6.2 -6.2
Greece 2,719 2,836 -4.1 -4.1
Portugal 917 915 0.2 0.2
Poland 2,278 2,045 11.4 3.1
Turkey 1,785 1,526 17.0 8.0
Romania 1,130 1,135 -0.4 -0.9
Others 67 19 254.2 254.2
Europe 33,647 34,122 -1.4 -2.3
         
Brazil 12,459 9,322 33.7 13.2
Argentina 3,426 2,758 24.2 23.8
Colombia 1,704 1,347 26.5 6.6
Latin America 17,588 13,427 31.0 14.6
         
China 4,857 4,025 20.7 14.7
Taiwan 1,456 1,349 8.0 -1.5
Malaysia 405 328 23.5 7.6
Indonesia 1,095 887 23.4 2.8
Singapore 92 90 2.2 -8.7
Asia 7,905 6,679 30.7 14.9
         
Group 101,018 95,503 5.8 2.5

CONSOLIDATED SALES INC. VAT EX PETROL FOR G4

  Fourth Quarter 2010       Full-Year 2010
   
  Like-for-like

ex-petrol
(%)

Change at constant

exchange rates ex-petrol
(%)

  Like-for-like

ex-petrol
(%)

Change at constant

exchange rates ex-petrol
(%)

France -1.1 -0.8   -0.5 -0.5
Hypermarkets -2.5 -2.3   -2.1 -2.1
Supermarkets 0.2 0.7   1.6 2.1
Hard discount -5.6 -10.8   -8.4 -10.6
Others 3.8 6.1   4.9 5.0
           
Western Europe (G3) -1.1 -3.5   -3.3 -4.1
           
Spain -2.4 -1.6   -3.8 -2.8
Hypermarkets -3.3 -3.2   -5.2 -4.8
Supermarkets -3.8 2.3   -6.4 -3.4
Hard discount -1.4 -4.8   -0.9 -3.0
Others 3.2 22.0   -0.1 15.7
           
Italy 0.0 -6.6   -1.8 -5.5
Hypermarkets -1.5 -5.1   -3.1 -8.0
Supermarkets -4.1 -6.7   -0.6 -1.6
Hard discount 0.0 0.0   0.0 0.0
Others 8.5 -8.8   -0.9 -5.6
           
Belgium 1.5 -4.7   -3.7 -6.2
Hypermarkets -0.1 -9.0   -6.0 -9.8
Supermarkets 1.2 -29.9   -6.0 -15.0
Hard discount 0.0 0.0   0.0 0.0
Others 3.9 16.8   1.1 4.0

* Source Nielsen year-to-date data, from 04.01.2010 to 05.12.2010

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