Carrefour - Trading Statement

PARIS, FRANCE -- (Marketwire) -- 10/23/08 --

             Continuing growth in a challenging environment
  Sales up 8% at constant exchange rates over the first 9 months of the
                            year (+6.8% in Q3)
     Solid organic growth: +5.8% over the first 9 months of the year
                               (+5.9% in Q3)
                      On track to attain 2008 objectives

-    Improved performance in France: sales up 3.5% in Q3 (+3.2%
-    Outside France, a robust performance in our growth markets*
     (+15.8% at constant exchange rates) and resilience in mature
     European markets (+3.5% at constant exchange rates)
-    Positive effects of the action plan launched at the end of H1,
     and continuation in Q4 of promotional activity, cost cuts and
     capital expenditure allocation

Q3 sales  highlight:

  - An upturn in hypermarket sales in France (+2.1% like-for-like,
    -0.4% excluding petrol in Q3 2008 versus -5.5% in Q2).
  - The relevance of our multi-format single-banner strategy and
    the power of our brand, both in France and abroad: strong start
    for Carrefour Market conversions in France and growth in own
  - Continued strong contribution from our growth markets*, now
    accounting for nearly 30% of Group sales (versus 27% in 2007).
    Nine countries achieved double-digit sales growth at constant
    exchange rates in Q3.

On track to reach our 2008 objectives:

  - Sales growth at constant exchange rates of 7%
  - Growth in Activity Contribution broadly in line with sales
  - Operating free cash flow of EUR1.5 billion

Commenting on this sales performance, Jose Luis Duran, Carrefour's
Chief Executive Officer, said:"Carrefour delivered a very satisfactory third-quarter performance in a
challenging environment. Hypermarket sales in France have begun to
improve, our growth markets are continuing to play a driving role and
our multi-format single-banner strategy is producing visible
results. This demonstrates that our action plan is paying off, we will
not slacken our efforts to stand by our customers. Our Q3 numbers put
us on track to attain our 2008 objectives."

* Growth markets: markets outside France, Spain, Italy and Belgium

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