CARREFOUR: Q3 2021 revenue up + 4.0% (+ 0.8% LFL); Solid growth on an exceptional comparable basis (+ 9.2% LFL over 2 years)

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-- Solid performance in Q3: Continued sales growth (+4.0% on a reported basis and +0.8% LFL), after record growth in Q3 2020 (+8.4% LFL) -- Over two years1, LFL sales growth reached +9.2%, in line with the Q2 2021 trend -- In France (-0.3% LFL and +3.5% over 2 years), Carrefour confirmed its market share gain momentum in the quarter2 -- Good underlying dynamics in hypermarkets, temporarily impacted in the second part of the quarter by the introduction of the sanitary pass in large shopping malls -- In Brazil: Continued strong momentum over 2 years (+24.2% LFL), on a high comparable base -- Atacadão (+2.7% LFL and +28.4% over 2 years): Relevance of the model and good execution -- Carrefour Retail (-13.3% LFL and +13.2% over 2 years): Solid growth over 2 years. Q3 2021 impacted by lower non-food sales on an exceptional comparable base -- In Europe (ex-France): Carrefour Spain (-2.3% LFL and +3.9% over 2 years) continued to gain market shares. Italy returned to growth (+0.8% LFL and -7.2% over 2 years) notably thanks to an improvement in customer satisfaction -- Continued food e-commerce sales growth: +19% in Q3, +100% over 2 years. Carrefour will present its digital strategy and opportunities during its Digital Day on November 9, 2021

Alexandre Bompard, Chairman and CEO, declared: “We recorded a new quarter of growth at Group level, despite a very high comparable base, and continued to gain market share in most of our countries. Our trajectory is very solid and demonstrates our ability to generate structural growth thanks to our strong customer orientation, good control of our operations, especially in digital, and impactful strategic initiatives. 2021, recorded in July, is confirmed. With this favorable dynamic, its solid balance sheet, and thanks to the commitment of its teams, Carrefour is attractive and offensive, to the benefit of its customers and shareholders. “

 

Note: (1) sum of Q3 2020 LFL and Q3 2021 LFL; (2) based on NielsenIQ RMS data

 

THIRD-QUARTER 2021 FIGURES

Third-quarter 2021 Sales inc. VAT (EURm) LFL(1) Total variation At current At constant exchange rates exchange rates France 9,882 -0.3% +2.1% +2.1% Europe 5,864 -1.2% +0.9% +1.4% Latin America (pre-IAS 29) 4,005 +7.3% +10.8% +14.7% Asia 718 -5.2% +22.3% +16.8% Group (pre-IAS 29) 20,468 +0.8% +4.0% +4.6% IAS 29(2) 112 Group (post-IAS 29) 20,581

THIRD QUARTER 2021 SALES INCL.

 

In a context still marked by the Covid-19 pandemic and evolving sanitary conditions across its different markets, the Group’s third-quarter activity confirmed its good commercial momentum. Carrefour continued to gain market share in the vast majority of its countries, thanks to the improvement in customer satisfaction, which is at the heart of the Carrefour 2022 strategic plan. The Group’s expansion also continues at a steady pace, thanks to numerous organic openings as well as the successful integration of recent acquisitions. E-commerce sales continued to grow on extremely high comparables. The Group will provide a comprehensive presentation of its digital strategy during its Digital Day, which will be held in Paris on November 9.

 

On a like-for-like (LFL) basis, third-quarter sales inc. VAT were up +0.8%. The Group’s sales inc. VAT reached EUR20,468m pre-IAS 29, an increase of +4.6% at constant exchange rates. This increase includes a favorable petrol effect of +2.0% (reflecting an increase in oil prices and higher volumes). After taking into account an unfavorable exchange rate of -0.7%, due to the weakness of the Argentine peso, the total sales variation at current exchange rates amounted to +4.0%. The impact of the application of IAS 29 was +EUR112m.

 

In France, Q3 2021 revenue was down -0.3% on a LFL basis (+0.8% LFL in food and -7.1% LFL in non-food) in a declining market, given a high comparable base. Hypermarkets were temporarily impacted by the introduction of the sanitary pass, restricting access to large shopping malls from mid-August to the end of September. Excluding the impact of the sanitary pass, LFL growth in France is estimated at +0.5% in Q3. Market share continued to improve over the quarter, with gains in most formats(3) . On a two year stack(4) , reported LFL growth reached +3.5%.

-- Hypermarkets: Good resilience (-2.8% LFL in Q3/-0.3% over 2 years), given a high comparable base (+2.5% LFL in Q3 2020) and the temporary impact of the introduction of the sanitary pass -- Supermarkets (+2.2% LFL in Q3/+7.1% over 2 years) maintained their good momentum and continued to gain market share3 -- Convenience (+1.2% LFL in Q3/+6.5% over 2 years) remained well oriented. Carrefour continued the expansion of this growth format with +63 openings in the third quarter -- Promocash's activities posted sustained LFL growth of +8.5%, thanks to the recovery of sales to bars and restaurants -- Non-food sales remained up by +2.7% on a LFL basis over 2 years (+9.9% LFL in Q3 2020) -- Food e-commerce in France grew again strongly this quarter (+19%), a growth of +72% vs 2019. Carrefour continues to deploy many initiatives in this field, notably the recent acquisition of a minority stake in Cajoo, a French pioneer in quick commerce

In Europe, LFL sales are down -1.2% compared to Q3 2020, but up + 0.6% over two years. This reflects situations that were not uniform from one country to another:

-- In Spain (-2.3% LFL/+3.9% over 2 years), the market was marked by strong out-of-home consumption benefiting convenience formats at the expense of hypermarkets, to which Carrefour is particularly exposed. In this context, the Group continued to gain market share. Supersol's integration continued successfully -- In Italy (+0.8% LFL/-7.2% over 2 years), sales growth returned to positive territory. The Group is starting to benefit from the restructuring and recovery plan initiated by the new management, with a sharp NPS increase, driven by a strong improvement in price perception -- In Belgium (-5.4% LFL/stable over 2 years), the performance reflects the declining market, marked by deflationary pressures on food and a high comparable base, as the summer period in 2020 benefited from high domestic tourism in the sanitary context -- In Poland(+0.9% LFL/-0.5% over 2 years), the Group maintained positive momentum -- In Romania (+5.9% LFL/+5.9% over 2 years), the trend remained very solid, in the wake of an excellent second quarter. Carrefour successfully launched a new loyalty program in the country

In Latin America, LFL sales grew by + 7.3%, and + 35.7% over two years.

-- In Brazil (-1.8% LFL/+24.2% over 2 years), LFL sales decreased slightly in Q3, given an exceptionally high comparable base. Over 2 years (+24.2% LFL), the trend marked an acceleration compared to H1 (+18.6% LFL). Q3 sales were up +7.7% at constant exchange rates thanks to a contribution from openings and acquisitions of +8.4% and a positive petrol effect of +1.1%. The currency effect was a favorable +2.1%. -- Atacadão's sales were up +14.3% at constant exchange rates in Q3 2021 with a continued increase in LFL sales (+2.7% LFL/+28.4% over 2 years) on a very high comparable base (+25.8% LFL in Q3 2020). This confirms the strength of Atacadão's model, which proved able to accelerate strongly its expansion (+48 stores over the last 12 months, including Makro) while improving the performance of the existing store network -- Carrefour Retail's sales were down in Q3 (-13.3% LFL/+13.2% over 2 years), due to a drop in non-food sales given an exceptionally high comparable base (+44% LFL in Q3 2020). Over two years, sales grew both in food and in non-food -- Food e-commerce accelerated in Q3, with growth of +53%, notably driven by the rapid ramp-up at Atacadão; cash & carry now represents more than half of food e-commerce sales in Brazil -- Financial services continued the recovery initiated at the beginning of the year; billings were up +26% in Q3, notably thanks to the success of the Atacadão credit card -- In Argentina (+57.0% LFL/+98.4% over 2 years), Carrefour confirmed its excellent momentum, in a persistently high inflationary environment. Carrefour largely outperformed the market, thanks to record growth excluding inflation, driven by an increase in volumes despite a declining market

In Taiwan (Asia), Q3 sales were up + 16.8% at constant exchange rates, thanks in particular to the integration of the Wellcome stores. LFL sales are down -5.2% (-4.5% over 2 years), impacted by health measures which have penalized major festive events in the country. The Wellcome stores, whose conversion to Carrefour banners will be finalized in November, significantly outperform once converted.

 

FURTHER DISPOSALS OF NON-STRATEGIC REAL ESTATE ASSETS

 

As part of its plan to dispose EUR300m additional non-strategic real estate assets by 2022, the Group sold the real estate of 7 hypermarkets in Spain in September, through a sale & lease-back agreement with Realty Income, for EUR93m.

 

To date, the Group has disposed an additional EUR250m of non-strategic real estate assets.

FURTHER TRANSFORMATION OF THE OPERATING MODEL

 

In October, Carrefour Italy announced, as part of a broad recovery plan, an acceleration of its transformation, that notably includes the transfer to a franchising model of over 50 stores in 2021 and 25 in the first quarter of 2022.

 

In France, the Group will have transferred 10 hypermarkets and 44 supermarkets to lease-management this year. A new program of 43 stores (16 hypermarkets and 27 supermarkets) was announced, with the first transfers expected starting in March 2022.

 

LIMITED IMPACT OF INFLATIONARY PRESSURES EXPECTED IN 2021

 

The Group pays particular attention to the dynamics of inflation, notably regarding energy and food prices. The impact of the increase in commodity prices has had a limited impact on the Group’s performance to date, as it benefits from contracts negotiated for the whole year for most of its purchases in Europe, including goods not for resale. For now, the Group does not anticipate any material effect of inflation on its full-year 2021 performance.

 

NET FREE CASH FLOW OBJECTIVE CONFIRMED

 

In this context, and given its good operational performance in the third quarter, the Group confirms its net free cash-flow generation objective for 2021, which continues to be expected comfortably above the initial objective of EUR1bn.

 

AGENDA

-- Digital Day : November 9, 2021

ANNEX

 

Share capital decrease by way of cancellation of treasury shares

 

On October 20, 2021, the Board of Directors, pursuant to the authorization granted by the Extraordinary Shareholders’ Meeting, decided to decrease the share capital of Carrefour S.A. by way of cancellation of 12,252,723 treasury shares representing approximately 1.6 % of the share capital.

 

These shares were repurchased from August 2, 2021 to September 13, 2021 within the framework of the EUR200 million share buyback program decided by the Board of Directors on July 28, 2021.

 

After the cancellation of these shares, the outstanding number of Carrefour S.A. shares will be 775,895,892 and the number of treasury shares will hence be 9,457,539, representing approximately 1.2 % of the share capital. The number of shares carrying voting rights will thus stand at 766,438,353.

 

Third-quarter 2021 sales inc. VAT

 

The Group’s sales amounted to EUR20,468m pre-IAS 29. Foreign exchange had an unfavorable impact in the third quarter of -0.7%, due to the depreciation of the Argentine Peso. Petrol had a favorable impact of +2.0%. The calendar effect was a favorable +0.1%. The effect of openings was +0.9%. The effect of acquisitions was +2.1%. The impact of the application of IAS 29 was +EUR112m.

Sales inc. VAT Variation ex petrol ex Total variation inc. (EURm) calendar petrol at at current constant exchange exchange LFL Organic rates rates France 9,882 -0.3% -2.0% +2.1% +2.1% Hypermarkets 4,867 -2.8% -3.3% -0.2% -0.2% Supermarkets 3,295 +2.2% -2.4% +2.7% +2.7% Convenience /other formats 1,720 +2.5% +2.7% +8.0% +8.0% Other European countries 5,864 -1.2% -1.7% +0.9% +1.4% Spain 2,681 -2.3% -2.2% +3.9% +3.9% Italy 1,073 +0.8% -3.5% -2.5% -2.5% Belgium 1,010 -5.4% -5.4% -5.1% -5.1% Poland 499 +0.9% +1.7% +0.1% +2.9% Romania 601 +5.9% +7.3% +5.5% +7.3% Latin America (pre-IAS 29) 4,005 +7.3% +10.2% +10.8% +14.7% Brazil 3,369 -1.8% +2.1% +9.7% +7.7% Argentina (pre-IAS 29) 636 +57.0% +56.9% +16.9% +56.6% Asia 718 -5.2% -5.6% +22.3% +16.8% Taiwan 718 -5.2% -5.6% +22.3% +16.8% Group total (pre-IAS 29) 20,468 +0.8% +0.3% +4.0% +4.6% IAS 29(1) 112 Group total (post-IAS 29) 20,581

Note: (1) hyperinflation and change

 

Comparable base and 2-year stack — Third quarter 2021

2-year LFL change excl. petrol and calendar Q3 2020 Q3 2021 stack(1) France +3.8% -0.3% +3.5% Hypermarkets +2.5% -2.8% -0.3% Supermarkets +4.9% +2.2% +7.1% Convenience /other formats +5.4% +2.5% +7.9% Other European countries +1.9% -1.2% +0.6% Spain +6.3% -2.3% +3.9% Italy -8.0% +0.8% -7.2% Belgium +5.4% -5.4% -0.0% Poland -1.4% +0.9% -0.5% Romania +0.0% +5.9% +5.9% Latin America +28.4% +7.3% +35.7% Brazil +26.0% -1.8% +24.2% Argentina +41.4% +57.0% +98.4% Asia +0.6% -5.2% -4.5% Taiwan +0.6% -5.2% -4.5% Group total +8.4% +0.8% +9.2%

Note: (1) sum of LFL for Q3 2020 and LFL for Q3 2021

 

Technical effects — Third quarter 2021

Foreign Calendar Petrol exchange France +0.1% +3.8% - Hypermarkets +0.0% +3.2% - Supermarkets +0.3% +4.7% - Convenience /other formats +0.1% +4.1% - Other European countries +0.2% +1.0% -0.5% Spain +0.0% +1.7% - Italy +0.3% +0.7% - Belgium +0.4% - - Poland +0.6% +0.6% -2.8% Romania +0.1% +0.0% -1.9% Latin America -0.1% +0.7% -3.9% Brazil +0.0% +1.1% +2.1% Argentina -0.3% - -39.7% Asia +1.4% - +5.5% Taiwan +1.4% - +5.5% Group total +0.1% +2.0% -0.7%

Nine month sales 2021 inc. VAT

 

The Group’s sales amounted to EUR58,725m pre-IAS 29. Foreign exchange had an unfavorable impact in the first nine months of the year of -3.5%, due to the depreciation of the Argentine Peso and the Brazilian Real. Petrol had a favorable impact of +1.5%. The calendar effect was an unfavorable -0.4%. The effect of openings was +0.8%. The effect of acquisitions was +1.8%. The impact of the application of IAS 29 was +EUR175m.

Sales inc. VAT Variation ex petrol ex Total variation inc. (EURm) calendar petrol at at current constant exchange exchange LFL Organic rates rates France 28,697 +2.6% +0.5% +3.0% +3.0% Hypermarkets 14,175 +1.5% +0.9% +2.5% +2.5% Supermarkets 9,754 +5.4% -0.1% +3.7% +3.7% Convenience /other formats 4,768 +0.5% +0.7% +3.0% +3.0% Other European countries 17,127 -1.6% -1.8% -0.3% +0.2% Spain 7,475 -1.2% -0.9% +3.6% +3.6% Italy 3,237 -4.8% -7.9% -6.9% -6.9% Belgium 3,192 -3.2% -3.1% -3.6% -3.6% Poland 1,497 +1.8% +2.6% -0.4% +2.5% Romania 1,727 +4.1% +5.5% +3.4% +5.2% Latin America (pre-IAS 29) 10,924 +11.2% +13.9% -1.4% +16.2% Brazil 9,182 +3.9% +7.3% -1.2% +10.6% Argentina (pre-IAS 29) 1,742 +45.3% +45.2% -2.3% +44.7% Asia 1,976 -4.5% -6.1% +14.4% +14.3% Taiwan 1,976 -4.5% -6.1% +14.4% +14.3% Group total (pre-IAS 29) 58,725 +2.9% +2.3% +1.5% +5.0% IAS 29(1) 175 Group total (post-IAS 29) 58,900

Note: (1) hyperinflation and change

 

Comparable base and 2-year stack — Nine months 2021

2-year LFL change excl. petrol and calendar 9M 2020 9M 2021 stack(1) France +2.9% +2.6% +5.5% Hypermarkets -0.1% +1.5% +1.5% Supermarkets +5.7% +5.4% +11.1% Convenience /other formats +6.2% +0.5% +6.7% Other European countries +4.2% -1.6% +2.6% Spain +7.5% -1.2% +6.3% Italy -4.4% -4.8% -9.2% Belgium +9.2% -3.2% +6.0% Poland +0.9% +1.8% +2.7% Romania +2.3% +4.1% +6.4% Latin America +22.2% +11.2% +33.4% Brazil +16.4% +3.9% +20.3%
Argentina +53.9% +45.3% +99.2% Asia +1.6% -4.5% -2.9% Taiwan +1.6% -4.5% -2.9% Group total +7.5% +2.9% +10.4%

Note: (1) sum of 9M 2020 LFL and 9M 2021 LFL

Technical effects – Nine months 2021

Foreign Calendar Petrol exchange France -0.4% +2.9% - Hypermarkets -0.5% +2.1% - Supermarkets -0.3% +4.0% - Convenience / other formats -0.3% +2.8% - Other European countries -0.4% +0.9% -0.4% Spain -0.6% +1.5% - Italy +0.1% +0.8% - Belgium -0.5% - - Poland -0.6% +0.5% -2.9% Romania -0.3% +0.0% -1.8% Latin America -0.6% +0.2% -17.6% Brazil -0.5% +0.6% -11.8% Argentina -0.5% - -47.0% Asia +0.4% - +0.1% Taiwan +0.4% - +0.1% Group total -0.4% +1.5% -3.5%

Application of IAS 29

 

The impact on Group sales is presented in the table below:

2021 at 2021 at 2021 at Sales constant current current incl. 2020 rates rates rates VAT pre-IAS Scope and pre-IAS pre-IAS IAS post-IAS (EURm) 29(1) LFL(2) Calendar Openings others(3) Petrol 29 Forex 29 29(4) 29 Q1 19,445 +4.2% -1.0% +0.8% -0.6% -1.1% +2.2% -6.7% 18,564 +13 18,577 Q2 18,710 +3.6% -0.4% +0.8% +0.6% +3.8% +8.3% -3.0% 19,692 +49 19,742 H1 38,155 +3.9% -0.7% +0.8% +0.0% +1.3% +5.2% -4.9% 38,256 +63 38,319 Q3 19,690 +0.8% +0.1% +0.9% +0.9% +2.0% +4.6% -0.7% 20,468 +112 20,581 9M 57,845 +2.9% -0.4% +0.8% +0.3% +1.5% +5.0% -3.5% 58,725 +175 58,900

Notes: (1) restated for IFRS 5; (2) excluding petrol and calendar effects and at constant exchange rates; (3) including transfers; (4) hyperinflation and change

 

Expansion under banners — Q3 2021

Closures/ Dec. June Openings/ Store Q3 Sept. Thousands 31 30 Store reductions/ 2021 30 of sq. m 2020 2021 enlargements Acquisitions Disposals change 2021 France 5,507 5,543 +23 +4 -8 +19 5,563 Europe (ex Fr) 6,165 5,914 +38 - -79 -41 5,873 Latin America 2,717 2,870 +39 - - +39 2,909 Asia 1,035 1,140 +5 - -3 +2 1,142 Others(1) 1,486 1,480 +25 - -4 +21 1,501 Group 16,910 16,947 +130 +4 -94 +41 16,988

Network of stores under banners – Q3 2021

Total Dec. June Q3 Sept. Ndeg of 31 30 Closures/ 2021 30 stores 2020 2021 Openings Acquisitions Disposals Transfers change 2021 Hypermarkets 1,212 1,224 +6 - -4 - +2 1,226 France 248 253 - - - - - 253 Europe (ex Fr) 456 455 +2 - -4 - -2 453 Latin America 185 184 - - - - - 184 Asia 172 172 +3 - - - +3 175 Others(1) 151 160 +1 - - - +1 161 Supermarkets 3,546 3,521 +56 - -50 -1 +5 3,526 France 1,173 1,048 +3 - -1 -3 -1 1,047 Europe (ex Fr) 1,864 1,904 +30 - -47 +2 -15 1,889 Latin America 151 150 - - - - - 150 Asia 10 12 - - - - - 12 Others(1) 348 407 +23 - -2 - +21 428 Convenience stores 7,827 8,435 +133 +14 -92 - +55 8,490 France 4,018 4,218 +49 +14 -22 - +41 4,259 Europe (ex Fr) 3,156 3,344 +74 - -63 - +11 3,355 Latin America 530 535 +10 - -1 - +9 544 Asia 66 287 - - -6 - -6 281 Others(1) 57 51 - - - - - 51 Cash & carry 392 419 +8 - -1 - +7 426 France 147 146 +1 - -1 - - 146 Europe (ex Fr) 13 13 - - - - - 13 Latin America 214 242 +7 - - - +7 249 Asia - - - - - - - - Others(1) 18 18 - - - - - 18 Soft discount (Supeco) 71 96 +4 - -2 +3 +5 101 France 6 14 +3 - - +3 +6 20 Europe (ex Fr) 64 81 +1 - -2 - -1 80 Latin America 1 1 - - - - - 1 Asia - - - - - - - - Others(1) - - - - - - - - Group 13,048 13,695 +207 +14 -149 +2 +74 13,769 France 5,592 5,679 +56 +14 -24 - +46 5,725 Europe (ex Fr) 5,553 5,797 +107 - -116 +2 -7 5,790 Latin America 1,081 1,112 +17 - -1 - +16 1,128 Asia 248 471 +3 - -6 - -3 468 Others(1) 574 636 +24 - -2 - +22 658

Note: (1) Africa, Middle East and Dominican Republic

 

DEFINITIONS

 

Free cash-flow

 

Free cash flow corresponds to cash flow from operating activities before net finance costs and net interests related to lease commitment, after the change in working capital, less net cash from/(used in) investing activities.

 

Net free cash-flow

 

Net free cash flow corresponds to free cash flow after net finance costs and net lease payments.

 

Like for like sales growth (LFL)

 

Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant exchange rates, excluding petrol and calendar effects and excluding IAS 29 impact.

 

Organic sales growth

 

Like for like sales growth plus net openings over the past twelve months, including temporary store closures, at constant exchange rates.

 

Gross margin

 

Gross margin corresponds to the sum of net sales and other income, reduced by loyalty program costs and cost of goods sold. Cost of sales comprise purchase costs, changes in inventory, the cost of products sold by the financial services companies, discounting revenue and exchange rate gains and losses on goods purchased.

 

Recurring Operating Income (ROI)

 

Recurring Operating Income corresponds to the gross margin lowered by sales, general and administrative expenses, depreciation and amortization.

 

Recurring Operating Income Before Depreciation and Amortization (EBITDA)

 

Recurring Operating Income Before Depreciation and Amortization (EBITDA) also excludes depreciation and amortization from supply chain activities which is booked in cost of goods sold.

 

Operating Income (EBIT)

 

Operating Income (EBIT) corresponds to the recurring operating income after income from associates and joint ventures and non-recurring income and expenses. This latter classification is applied to certain material items of income and expense that are unusual in terms of their nature and frequency, such as impairment of non-current assets, gains and losses on sales of non-current assets, restructuring costs and provisions recorded to reflect revised estimates of risks provided for in prior periods, based on information that came to the Group’s attention during the reporting year.

 

(R) Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc

 

DISCLAIMER

 

This press release contains both historical and forward-looking statements. These forward-looking statements are based on Carrefour management’s current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure requirements and available on Carrefour’s website (www.carrefour.com), and in particular the Annual Report (Document de Référence). These documents are also available in English on the company’s website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.

_________________________

(1) Excluding petrol and calendar effects and at constant exchange rates

(2) Hyperinflation and foreign exchange in Argentina

(3) Market share based on NielsenIQ RMS data for total food and non-food sales for the 13-week period ending 26/09/2021 for Carrefour Group, Carrefour Supermarkets, Carrefour Convenience and Carrefour Drive vs the French total retail market (Copyright (c) 2021, NielsenIQ)

(4) Sum of Q3 2020 LFL and Q3 2021 LFL

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211020005811/en/

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