Executive Summary

• Carrefour reported net sales of €21.8 billion in 3Q16, up 3.6% from 3Q15, at constant currency excluding fuel, and beating the consensus estimate of €21.5 billion.
• France sales fell by 0.1% year over year, while international sales grew by 6.5%, excluding fuel, at constant currency.
• Excluding fuel and calendar effects, group comps grew by 3.2%, while organic growth was 3.1%