Carrefour Trading Statement

PARIS--(Marketwire - October 23, 2008) -
 
Continuing growth in a challenging environment
 
Sales up 8% at constant exchange rates over the first 9 months of the
year (+6.8% in Q3)
 
Solid organic growth: +5.8% over the first 9 months of the year
(+5.9% in Q3)
 
On track to attain 2008 objectives
 
-- Improved performance in France: sales up 3.5% in Q3 (+3.2%
like-for-like)
 
-- Outside France, a robust performance in our growth markets*
(+15.8% at constant exchange rates) and resilience in mature European
markets (+3.5% at constant exchange rates)
 
-- Positive effects of the action plan launched at the end of H1, and
continuation in Q4 of promotional activity, cost cuts and capital
expenditure allocation
 
Q3 sales highlight:
 
--  An upturn in hypermarket sales in France (+2.1%
    like-for-like, -0.4% excluding petrol in Q3 2008 versus -5.5% in
Q2).
--  The relevance of our multi-format single-banner strategy and the
    power of our brand, both in France and abroad: strong start for
Carrefour
    Market conversions in France and growth in own brands.
--  Continued strong contribution from our growth markets*, now
    accounting for nearly 30% of Group sales (versus 27% in 2007).
Nine
    countries achieved double-digit sales growth at constant exchange
rates in
    Q3.
 
On track to reach our 2008 objectives:
 
--  Sales growth at constant exchange rates of 7%
--  Growth in Activity Contribution broadly in line with sales
--  Operating free cash flow of EUR 1.5 billion
 
Commenting on this sales performance, José Luis Durán, Carrefour's
Chief Executive Officer, said:
 
"Carrefour delivered a very satisfactory third-quarter performance in
a challenging environment. Hypermarket sales in France have begun to
improve, our growth markets are continuing to play a driving role and
our multi-format single-banner strategy is producing visible results.
This demonstrates that our action plan is paying off, we will not
slacken our efforts to stand by our customers. Our Q3 numbers put us
on track to attain our 2008 objectives."
 
To view the full text of this press release, paste the following link
into your web browser:
 
www.carrefour.com/english/homepage/index.jsp
 
* Growth markets: markets outside France, Spain, Italy and Belgium
 
Contact:
RNS Customer Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com
 
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