Executive Summary

• Carrefour reported net sales of €36.3 billion in 1H16, down 3.8% from 1H15 and missing the consensus estimate of €37.1 billion. At constant currency, sales grew by 2.2%. Recurring operating income fell by 3.0%, to €706 million, but beat the consensus estimate of €686.4 million.
• Adjusted net income (excluding nonrecurring items) edged up 0.9%, to €235 million, beating the consensus estimate, but reported net income for the group fell by 40.8%, to €129 million, missing the consensus estimate.
• Adjusted EPS was €0.32 for the period, unchanged from 1H15 but beating the consensus estimate of €0.26.