Carrefour Announces Trading Statement

PARIS -- (MARKET WIRE) -- 07/09/08 --

  Solid group sales growth: + 8.6 % in H1 and + 6.7% in Q2 at constant
                              exchange rates

         H1 2008 growth in Activity Contribution of at least 5%

     Acceleration of our operational action plan, focus on our French

   .	Q2 Sales growth driven by our multi format single brand
        strategy, our international activities, and the strength of the
        Carrefour brand:
           -   Strong performance of our smaller formats in France:
               good comparable sales trends in supermarkets (+5.2%),
               convenience stores (+1.5%) and hard discount (+1.7%)
           -   Sustained growth in Spain (+3.4% on a like for like
               basis) thanks to promotions and a strong commercial
           -   Significant growth in sales of own label products (+6%
               in France, +16.7% in Spain)
           -   Increased contribution from growth markets (28% of sales
               versus 25% in 2007)

   .    French hypermarket sales down 2.4% Lfl, or 5.5% ex fuel,
           -   A fall in food volumes in national brands
           -   An increase in own brand sales
           -   A drop in non-food sales

   .    Acceleration of our operational action plans:
           -   Intensification of promotional activity in the Second
               Half in our French hypermarkets
           -   Accelerated roll out of Carrefour Market to reach around
               150 converted stores at the end of 2008
           -   Acceleration of our cost reduction plan and tighter
               screening of capital allocation
           -   Acceleration of store openings in growth markets
           -   Use of Carrefour Property as an improved asset
               management tool

   .    Our objectives for 2008:
           -   Growth in sales inc-VAT, and on constant exchange rates,
               in line with 2007 (+7.0%)
           -   Growth in Activity Contribution broadly in line with
           -   Generation of EUR1.5bn of operational free cash flow

   .    First Half 2008 outlook:
           -   In H1, we expect Group Activity Contribution to grow by
               at least 5%.
           -   This represents a significant acceleration in Activity
               Contribution growth compared to the first half of each
               of the last 3 years, and reinforces our confidence that
               we will reach our 2008 targets.

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