Executive Summary

• Carrefour reported that net sales increased by 3.0% in FY15, to €76.9 billion, which was below the consensus estimate of €77.6 billion. Recurring operating income increased by 2.4%, to €2.4 billion, just below consensus. Adjusted net income also grew, by 7.1%, to €1.1 billion, slightly below consensus.
• Faster growth in Spain and Italy and the company’s performance in Latin America underpinned sales and profit growth.
• Carrefour plans to continue to expand its store network and e-commerce operations in FY16, and is allocating €2.5–€2.6 billion in capex in support of that expansion.