Executive Summary

• Carrefour reported 4Q17 sales including sales tax of €23,328 million. Comparable sales grew by 1.9% excluding fuel and calendar effects, an improvement over the previous quarter that was due to stronger momentum in France.
• FY17 sales including sales tax reached €88,240 million and comparable sales grew by 1.6%, a slowdown versus FY16 due to a deceleration in food sales growth.
• The company will report complete full-year results on February 28. For FY17, analysts expect Carrefour to report net revenue of €79,176 million, EBIT of €2,029 million and normalized EPS of €1.13.