Carrefour (ENXTPA: CA) 1Q16 Results: Sales (Incl. VAT) Down 4.5%, Hit by Weak Fuel and FX

Executive Summary

• Carrefour reported 1Q16 revenue (including VAT) of €20.1 billion, down 4.5% from €21.0 billion in 1Q15.
• Group comparable sales grew by 3.1% at constant exchange rates, excluding fuel and on a comparable calendar basis. The increase was driven by 5.3% growth in the company’s international markets; growth was flat in France.
• Carrefour will focus on expanding and modernizing its store network, and on accelerating digital transformation throughout the company, during the year.