July 28, 2022


Solid first-half 2022 results 

Sales up +17.2% in Q2 (+7.3% LFL) 

Recurring operating income up +10% to €814m in H1 

Strong +€110m improvement in Net Free Cash Flow 


● Reported sales growth of +17.2% in Q2+7.3% like-for-like (LFL) in Q2 on a high comparable base (+3.6% LFL in Q2 2021)

● Reported sales growth of +13.2% in H1, +5.4% LFL, driven by continued market share gains in all key countries

● Accelerating e-commerce in Q2 2022 with GMV growth of +22% after +10% in Q1 2022 

● Accelerating cost-saving momentum in H1 (€480m) – 2022 target raised to €1.0bn (vs. €900m) (1)

● Recurring operating income (ROI) up +10.0% (+1.6% at constant exchange rates) to 814 M€ in H1, with stable 2.1% margin

● Net Free Cash Flow(2) improvement of +€110m to €(1,880)m in H1 2022

● Objective to generate at least €1bn net free cash flow in 2022 confirmed 

● €750m share buyback program completed in H1 

● Sale of Carrefour’s 60% stake in Carrefour Taiwan announced on July 19, 2022 

● Presentation of the Group’s new strategic plan on November 8, 2022 in Paris 


Alexandre Bompard, Chairman and CEO, declared: “In a context of accelerating inflation, Carrefour performed strongly and continued to post growing results, confirming the solidity of its model and the relevance of its commercial strategy to its customers, with continued market share gains in all of its key geographies. This good commercial momentum is the result of the unfailing mobilization of the teams. Coupled with strict cost control, it allows us to look to the second half with confidence. At the same time, the Group continues its transformation. The acquisition of Grupo BIG is now finalized and the Group is making rapid progress in the integration process. We recently announced the sale of Carrefour Taiwan to our partner Uni-President, which will be a value-enhancing operation for the Group. We continue to implement our digital plan with significant progress, notably for Carrefour Links. Last, we are strengthening our CSR commitment, for example with a proactive approach to reducing our energy consumption. Carrefour continues its forward march and will present its new strategic plan on November 8, initiating its 2026 trajectory and reinforcing its long-term ambitions.” 

NB: Taiwan operations are fully consolidated in the present results publication. They will be accounted for as discontinued operations in 2022, starting with Carrefour’s third quarter sales publication, in accordance with the IFRS 5 accounting standard 

Notes: (1) €2.8bn over the 2021-2023 period vs. €2.7bn previously; (2) Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out of exceptional charges