Executive Summary

• Carrefour reported 1H17 net sales up by 6.2%, or a 3.2% increase at constant currency.
• The gross margin diminished by 34 basis points, SG&A expenses as a percentage of sales fell by 5 bps and the operating margin decreased by 32 bps.
• Carrefour warned that the full-year results will be impacted by its performance in 1H17. For FY17, the company aims to grow total sales by 2%–4%, expects capex to be between €2.2 billion and €2.3 billion, and looks to maintain free cash flow at the same level as 2016.