Executive Summary

• Carrefour announced a 14.7% fall in recurring operating income in FY17, yielding a decline in operating margin from 3.1% in FY16 to 2.5% in FY17.
• The company noted price pressures, higher costs and higher depreciation charges as pressuring its operating margin.
• Adjusted net income was down 25% year over year and well below expectations.
• Net income was hit by €1 billion in charges relating to goodwill in Italy and the DIA store network in France.