January 23, 2008 at 12:29 PM EST
Carrefour SA announces 2007 Full Year Sales

                                2007 Full Year Sales

                Carrefour meets its 2007 sales growth target
               Sales inc. VAT + 7% on constant exchange rates
                 Q4 sales up 10% on constant exchange rates



x    Third consecutive year of faster sales growth

     -  Group sales grew 7.0% on constant exchange rates versus 6.3% in 2006
        and +4.3% in 2005

     -  Faster growth reflects a stronger consumer offer and the opening of
        more new m2 through organic growth and tactical acquisitions



x    Both core and growth markets have contributed

     -  Sales progressed well in France despite food price deflation for the
        first three quarters of the year reflecting a very competitive trading
        environment

     -  In Europe, Spain, Poland and Romania led like for like growth

     -  Our growth markets in Asia and Latin America performed very well



x    Making the brand work harder

     -  Our re-thinking of the hypermarket model is beginning to pay off as
        customers respond positively to the roll out of our new generation
        stores

     -  We are strengthening the Carrefour brand, focusing on choice,
        innovation, freshness, and own label as well as maintaining local price
        leadership

     -  We are leveraging the strengths of the Carrefour brand through our
        multi format single brand stategy with first good results in France,
        as well as in all other markets such as Spain, Poland, Brazil, and
        Turkey


x    2007 guidance confirmed

     -  We will report an increase in Activity Contribution for the full
        year, broadly at the same rate as in 2006



x    2008 will be a breakthrough year

     -  Making our brand work harder, as well as opening more m2 in our
        growth markets, will help us grow sales by 6 to 8% in 2008, excluding
        acquisitions; We expect operating profits to grow faster than sales




                                                               FULL YEAR 2007

                                    Sales       Like for    Expansion      Total     Currencies     Total
                                    Incl.         like                      Ex.
                                     VAT                                 Currency

                                     (m€)          (%)          (%)         (%)          (%)         (%)


FRANCE                             42,085         0.3          0.7          1.0         0.0          1.0

EUROPE ex France                   34,359         1.6          5.0          6.6         0.4          7.0

LATIN AMERICA                       9,775         9.8          27.0        36.8         0.7         37.5

ASIA                                6,052         2.8          14.7        17.5         -5.8        11.7


TOTAL                              92,272         1.8          5.2          7.0         -0.1         6.9





                               Fourth Quarter 2007 Sales

              Q4 2007 Sales inc. VAT: + 10% on constant exchange rates



x    Strong finish to the year

     -  Q4 showed the fastest growth of any quarter in 2007 even taking into
        account a positive calendar effect in France of around 1.0%



x    Encouraging trends in France

     -  Customers are responding well to the roll out of our dry grocery and
        non-food concepts in French hypermarkets

     -  Conversion of Champion test stores to Carrefour banner, as part of
        our multi format single brand strategy, is delivering good first results

     -  Overall, supermarkets showed strong growth in the quarter, the best
        since 2000

     -  Hypermarkets continued to win market share while overall we continued
        to consolidate the market share gains made in Q4 2006



x    Robust performance in Spain

     -  Spain was resilient in the quarter despite a slowdown in consumer
        spending. Carrefour Express again reported double digit like for likes



x    Investment in growth markets pays off

     -  Fourth quarter sales in our growth markets in Europe, Asia and Latin
        America grew strongly. Together, these markets grew sales on constant
        exchange rates by 29.7% in Q4

     -  Four countries recorded like for like growth in excess of 5% - China,
        Argentina, Poland and Romania

     -  Growth markets represented 27% of group sales, the highest percentage
        ever


                                                            FOURTH QUARTER 2007

                                 Sales       Like for    Expansion     Total     Currencies        Total
                                 Incl.         like                     Ex.
                                  VAT                                 Currency

                                  (m€)          (%)         (%)         (%)       (%)             (%)


FRANCE                          11,426         4.0          0.0         4.0         0.0             4.0

EUROPE ex Fce                    9,665         3.4          5.4         8.8         0.8             9.6

LATIN AMERICA                    3,021         10.0        36.2        46.2         3.2             49.4

ASIA                             1,461         2.9         10.0        12.9         -7.3            5.6


TOTAL                           25,573         4.2          5.8        10.0         0.2             10.2







                                    FRANCE

                             Q4 2007: sales up 4.0%
              Customers responding well to brand-building efforts



                                  FOURTH QUARTER 2007                             FULL YEAR 2007

                          Sales   Like for  Expansion    Total         Sales   Like for  Expansion    Total
                          Incl.     like                               Incl.     like
                          VAT                                          VAT
                          (m€)       (%)       (%)        (%)          (m€)     (%)       (%)        (%)


      France             11,426      4.0       0.0        4.0         42,085      0.3       0.7        1.0


   Hypermarkets           6,451      4.1       0.6        4.7         22,818      1.2       1.3        2.5

   Supermarkets           2,408      7.2       -0.2       7.0          9,105      2.1       0.8        2.9

   Hard discount           724       1.2       3.1        4.3          2,831     -0.5       4.1        3.6

      Others              1,844      0.4       -2.4      -2.0          7,330     -3.9       -2.4      -6.3






Sales in France grew 4% this quarter, or 2.9% excluding petrol. The market
remained competitive although inflation returned gradually throughout the
quarter as increases in raw material costs were passed through to shelf prices.
The Q4 calendar impact was around 1% positive.



Like for like sales in hypermarkets increased 4.1% including petrol, or 2.4%
excluding petrol. This growth was mainly driven by an increase in average basket
(+2.8%). Customer traffic was broadly stable, at -0.4%.



Food like for like sales were up 3.4%. As expected, after noting that deflation
had eased in Q3, food inflation returned in Q4 and averaged 1.6% in the quarter.
This inflation is the result of passing through raw material costs increases to
shelf prices. Within this context, there was no change to our commitment to
local price leadership. Our anniversary promotion, together with our on-going
work to strengthen assortments, choice and service, continued to deliver results
and helped us record a further increase in food volumes this quarter.



Non food sales were up 0.5% in the quarter, reflecting a satisfactory
performance in general merchandise and consumer electronics, where growth
categories on which we have been focusing have performed very well. Examples
include video games, where sales were up more than 40%, and small electronic
appliances where sales grew by more than 10%. In apparel, however, overall sales
were slightly down.



The 25 stores that have been converted to the non food model, as part of our
re-thinking of the hypermarket concept, continued to outperform the chain
average by 3% to 5%.



Supermarket like for like sales were up 7.2% this quarter, with a 4.6% increase
excluding petrol. Again, the performance was mainly due to an increase in
average basket. Non-food like for like sales increased by nearly 10%. Overall
this year, 59 stores were extended, while 17 new stores were opened, resulting
in the creation of close to 80,000 new m(2).



Sales in hard discount increased 4.3% in the quarter, of which 1.2% on a
comparable basis.



Convenience store sales grew sales 2.1% on a like for like basis.






                              EUROPE (ex France)

               Q4 2007: sales up 8.8% on constant exchange rates
             Like for like growth led by Spain, Poland and Romania


                                FOURTH QUARTER 2007                                   FULL YEAR 2007

                  Sales  Like Expansion          Currencies Total    Sales  Like Expansion         Currencies  Total
                  Incl.  for              Total                      Incl.  for             Total
                  VAT    like              Ex.                       VAT    like            Ex.
                                        Currency                                            Currency

                   (m€)   (%)    (%)       (%)      (%)     (%)     (m€)    (%)    (%)      (%)        (%)     (%)


EUROPE ex Fce     9,665  3.4     5.4      8.8       0.8      9.6     34,359 1.6     5.0      6.6       0.4       7.0


Spain Total       4,027  6.4     1.2      7.6       0.0      7.6     14,386 3.8     1.7      5.5       0.0       5.5
 Hypermarkets     2,708  5.2     1.3      6.5       0.0      6.5     9,493  3.1     2.2      5.3       0.0       5.3
 Supermarkets      183   11.5    3.3      14.8      0.0     14.8      693   15.2    0.2      15.4      0.0      15.4
Hard discount      880   8.9     1.2      10.1      0.0     10.1     3,229  3.3     1.4      4.7       0.0       4.7
    Others         256   10.8   -4.9      5.9       0.0      5.9      971   8.1    -5.0      3.1       0.0       3.1

Italy Total       1,949  -1.0    2.8      1.8       0.0      1.8     7,158  -1.7    2.9      1.2       0.0       1.2
 Hypermarkets      845   -2.2    2.5      0.3       0.0      0.3     3,014  -2.2    3.1      0.9       0.0       0.9
 Supermarkets      574   0.3     1.4      1.7       0.0      1.7     2,152  -1.3    2.2      0.9       0.0       0.9
    Others         530   -0.6    4.9      4.3       0.0      4.3     1,992  -1.2    3.2      2.0       0.0       2.0

Belgium Total     1,274  -0.5    0.6      0.1       0.0      0.1     4,764  -1.5    1.1      -0.4      0.0      -0.4
 Hypermarkets      652   -0.8    0.0      -0.9      0.0     -0.9     2,379  -1.4    0.0      -1.4      0.0      -1.4
 Supermarkets      276   -1.9    0.1      -1.8      0.0     -1.8     1,053  -2.9    0.0      -2.9      0.0      -2.9
    Others         346   1.4     2.1      3.5       0.0      3.5     1,332  -0.6    4.3      3.7       0.0       3.7

Other Europe      2,415  4.9    19.4      24.3      3.9     28.2     8,051  3.2    16.3      19.5      1.9      21.4




Sales in Europe ex France were up 8.8% on constant exchange rates. Like for like
sales were up 3.4%. Again, the calendar impact was close to 1% positive.



In Spain, sales growth continued to be strong, with like for likes of 6.4%
overall. In hypermarkets, food, again, was the principal driver for strong like
for like sales growth of 5.2%. But overall, both food and non-food recorded
positive like for likes this quarter. Carrefour Express continued to perform
strongly, with an 11.5% growth in like for like sales.



Hard discount sales growth picked up this quarter (8.9% like for like sales
growth in Q4 vs. 3.3% for the full year), reflecting an increase in both average
basket and traffic. The stores from the Plus network were integrated from 1
December.



Sales in Italy increased by 1.8%, with a still difficult trading mostly in
hypermarkets, which recorded a 2.2% like for like decline. Supermarkets and
convenience stores outperformed this trend.



In Belgium, total sales were broadly flat (up 0.1%). Trading in the country
continues to be difficult with strong market share gains from hard discounters
and low volume growth, but the performance from our franchisees network showed
signs of improvement from Q3. The 16 supermarkets that were restructured have
been re-opened as franchisees in the first days of 2008 but these stores had a
negative impact on Q4 trading. Adjusting for their performance, integrated
supermarket like for likes were broadly flat.



In Q4, all countries in the rest of Europe recorded sales growth on constant
exchange rates above 10%. Greece and Romania respectively saw their sales on
constant exchange rates grow 10.7% and 37.2%. Healthy like for likes, and the
three month integration of Ahold Polska, led to 51.9% sales growth in Poland on
constant exchange rates.




                                 LATIN AMERICA

               Q4 2007: sales up 46.2% on constant exchange rates
        Strong underlying growth supplemented by acquisition of Atacadao


                                FOURTH QUARTER 2007                                   FULL YEAR 2007

                  Sales  Like Expansion          Currencies Total    Sales  Like Expansion         Currencies  Total
                  Incl.  for              Total                      Incl.  for             Total
                  VAT    like              Ex.                       VAT    like            Ex.
                                        Currency                                            Currency

                   (m€)   (%)    (%)       (%)      (%)     (%)     (m€)    (%)    (%)      (%)        (%)     (%)


LATIN AMERICA    3,021  10.0   36.2      46.2      3.2     49.4     9,775  9.8    27.0      36.8      0.7     37.5

Brazil Total     2,111  0.9    52.2      53.1      11.6    64.7     6,675  2.6    37.6      40.2      4.4     44.6

Argentina         594   37.6    4.2      41.8     -18.1    23.7     2,052  31.7    4.3      36.0     -13.4    22.6
Total

Colombia          316   3.2    16.3      19.5      2.0     21.5     1,049  5.9    16.9      22.8      5.3     28.1
Total




Sales in Latin America continued to record strong growth, up 46.2% on constant
exchange rates (10% on a like for like basis). Atacadao contributed around 29%
to the growth of the region.



In Brazil sales were up 53.1%, boosted by the integration of Atacadao.
Hypermarket trading remained soft mostly because of non-food, while the stores
under the Carrefour Bairro concept and the Dia stores posted good performances.



In Argentina, growth continued to be strong, again with all formats posting
growth over 30% on a like for like basis.



In Colombia total sales were up 19.5% on constant exchange rates, with a
contribution from like for likes of 3.2% and from new space of 16.3%.




                                     ASIA

               Q4 2007: sales up 12.9% on constant exchange rates
              Strong momentum in key growth markets such as China




                                FOURTH QUARTER 2007                                   FULL YEAR 2007

                  Sales  Like Expansion          Currencies Total    Sales  Like Expansion         Currencies  Total
                  Incl.  for              Total                      Incl.  for             Total
                  VAT    like              Ex.                       VAT    like            Ex.
                                        Currency                                            Currency

                  (m€)   (%)    (%)        (%)      (%)     (%)     (m€)    (%)    (%)      (%)        (%)     (%)

  ASIA           1,461  2.9    10.0      12.9      -7.3     5.6     6,052 2.8    14.7      17.5      -5.8    11.7



China Total       725   8.0    12.7      20.7      -7.0    13.7     2,964 8.0    16.4      24.4      -5.0    19.4

Taiwan Total      299   -2.6    4.6      2.0      -10.0    -8.0     1,391 -3.5   13.4      9.9       -9.8     0.1

Indonesia         195   0.2    15.3      15.5     -13.8     1.7      763  1.7    19.0      20.7      -9.9    10.8
Total


Other Asia        241   -1.1    5.6      4.5       1.3      5.8      934  -1.2    8.0      6.8       2.2      9.0



Sales in Asia were up 12.9% on constant exchange rates. Like for like sales
contributed 2.9% and expansion 10%.



China recorded sales growth on constant exchange rates of nearly 21%, with
strong like for like sales of 8%. Food sales strongly contributed to this growth
for both the hypermarkets and Dia. Overall, 22 hypermarkets were opened in China
during the year.



Like for like sales in Taiwan are still impacted by the heavy impact of
cannibalisation, more so since the opening of our store in San Chung. The Moon
Festival, this year in Q3 compared to Q4 in 2006, had a negative impact on
sales. Adjusted for this, the performance is in line with Q3.



In Indonesia, total sales on constant exchange rates were up 15.5% with a 0.2%
like for like sales growth and a 15.3% contribution from new space. Strong food
sales supported the increase in average basket. Overall, 8 stores were opened in
2007, of which 6 were opened in Q4.



Sales in Thailand and Malaysia increased 6.6% and 4.1% respectively on constant
exchange rates, mainly driven by expansion.


                                   EXPANSION



Overall, over the year 2007, we opened or acquired 1,353 new stores under
banners, accounting for close to 1.7 million m(2) of new space.



In France, we opened 184,000m(2), of which extensions of existing hypermarkets
accounted for 30,000m(2), supermarkets 77,000m(2), hard discount 61,000m(2) and
convenience stores 16 000m(2).

17 supermarkets, 49 hard discount stores and 67 convenience stores were opened
or acquired in the period.



In Europe ex-France, we opened or acquired 51 new hypermarkets, 295
supermarkets, 490 hard discount stores and 152 convenience stores. In total, we
opened or acquired 799,000m(2).



In Latin America, 62 hypermarkets, 14 supermarkets, 88 hard discount stores and
5 convenience stores were opened or acquired in the year, accounting for
410,000m(2), while in Asia 36 hypermarkets and 27 hard discount stores were
opened or acquired, for a total of 268,000m(2).




NETWORK OF STORES UNDER BANNERS - Q4 2007


                         Sept 2007       Openings    Additions    Closed     Transfers   Disposals      Dec 2007

HYPERMARKETS               1 108            54           1                                                1 163
France                      218                                                                            218
Europe ex France            426             18           1                                                 445
Latin America               239             16                                                             255
Asia                        225             20                                                             245

SUPERMARKETS               2 659            57           7          17           2                        2 708
France                     1 016             4           4           3                                    1 021
Europe ex France           1 513            42           3          14           2                        1 546
Latin America               130             11                                                             141

HARD DISCOUNT              5 907            130         183         55           1                        6 166
France                      879             20                       3           1                         897
Europe ex France           4 090            70          183         44                                    4 299
Latin America               665             37                       7                                     695
Asia                        273              3                       1                                     275

CONVENIENCE STORES         4 748            102                     47          -2           1            4 800
France                     3 229            40                      23                       1            3 245
Europe ex France           1 514            62                      24          -2                        1 550
Latin America                5                                                                              5

CASH AND CARRY              154                                                                            154
France                      134                                                                            134
Europe ex France             20                                                                            20

COUNTRIES TOTAL            14 576           343         191         119          1           1           14 991
France Total               5 476            64           4          29           1           1            5 515
Europe ex Fce Total        7 563            192         187         82                                    7 860
Latin America Total        1 039            64                       7                                    1 096
Asia Total                  498             23                       1                                     520









NETWORK OF STORES UNDER BANNERS - FULL YEAR 2007


                        Dec 2006         Openings    Additions  Closed      Transfers   Disposals      Dec 2007

HYPERMARKETS            1 018            98          51         3           -1                         1 163
France                  218                                                                            218
Europe ex France        386              34          17                     8                          445
Latin America           204              28          34         2           -9                         255
Asia                    210              36                     1                                      245

SUPERMARKETS            2 425            125         201        50          10          3              2 708
France                  1 025            9           8          10          -10         1              1 021
Europe ex France        1 282            102         193        40          11          2              1 546
Latin America           118              14                                 9                          141

HARD DISCOUNT           5 798            471         183        295         9                          6 166
France                  848              49                     9           9                          897
Europe ex France        4 063            307         183        254                                    4 299
Latin America           632              88                     25                                     695
Asia                    255              27                     7                                      275

CONVENIENCE STORES      3 130            222         2          103         1 559       10             4 800
France                  1 654            65          2          44          1578 *      10             3 245
Europe ex France        1 476            152                    59          -19                        1 550
Asia                                     5                                                             5

CASH AND CARRY          154                                                                            154
France                  134                                                                            134
Europe ex France        20                                                                             20

COUNTRIES TOTAL         12 525           916         437        451         1 577       13             14 991
France Total            3 879            123         10         63           1 577      11             5 515
Europe ex Fce Total     7 227            595         393        353                     2              7 860
Latin America Total     954              135         34         27                                     1 096
Asia Total              465              63                     8                                      520



*Including the 1 576 Sherpa and Proxi stores



2007 SALES INCLUDING VAT PER COUNTRY



                             2007 sales    2006 sales      Change       Change on
                                            Pro forma                    constant           2006 sales
                                                                        Exch rates           Published
                                (m€)          (m€)           (%)          (%)                (m€)


          France               42 085        41 675          1.0           1.0                41 675

           Spain               14 386        13 640          5.5           5.5                13 640
           Italy                7 158         7 072          1.2           1.2                 7 072
          Belgium               4 764         4 783         -0.4           -0.4                4 783
          Greece                2 774         2 528          9.7           9.7                 2 528
         Portugal                826           744          11.1           11.1                1 336
          Poland                1 952         1 359         43.7           38.9                1 359
        Switzerland                                                                             504
          Turkey                1 633         1 463         11.6           10.3                1 463
          Romania                866           536          61.5           54.5                 536
          Europe               34 359        32 125          7.0           6.6                33 221

          Brazil                6 675         4 616         44.6           40.2                4 616
         Argentina              2 052         1 674         22.6           36.0                1 674
         Colombia               1 049          819          28.1           22.8                 819
         Americas               9 775         7 109         37.5           36.8                7 109

          Taiwan                1 391         1 390          0.1           9.9                 1 390
           China                2 964         2 482         19.4           24.4                2 482
         Thailand                558           503          10.9           5.2                  503
         Malaysia                281           251          11.7           14.1                 251
         Indonesia               763           689          10.8           20.7                 689
         Singapore               96            102          -6.6           -3.4                 102
           Asia                 6 052         5 417         11.7           17.5                5 417

           Group               92 272        86 326          6.9           7.0                87 422





Investor relations: Alessandra Girolami, Etienne Humbert        Tel : (33) 01 55 63 39 00
Shareholders information: C


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