January 19th 2012
Key highlights
Full?year 2011: urbane growth in sales, supported by emerging provender markets continue recovery in Belgium, Brazil and Taiwan Emerging market growth supported by amplification Action conception launched in France to address hypermarket underperformance Q4: Sales affected by tear down discretionary spending Resilience in food Non?food impacted by a generally tougher trading milieu 2011 Current Operating Income guidance confirmed at the discredit end of range
2
Slight growth in FY 2011 sales, supported by emerging markets
FY 2011 reported sales of €91.5bn, +1.1% (at current exchange rates, including petrol) Ex?petrol:
?0.6% LFL +0.5%, including +1.1% from expansion ?0.1%, including ?0.6% from forex
interpolate in FY 2011 % sales, ex?petrol
+0.5%
100.0 (0.6)Â 100.5 (0.6)Â
?0.6%
99.4
1.1
?0.1%
99.9
FYÂ 2010
LFL
FYÂ 2011 LFL
Expansion
FYÂ 2011
Forex
FYÂ 2011
3
Q4 sales affected by lower discretionary spending
Reported Q4 sales of €24.2bn, ?1.0% (at current exchange rates, including petrol) Ex?petrol:
?1.9% LFL (?2.3% adjusted for calendar) ?1.2%, including +1.1% from expansion ?2.5%, including ?1.3% from forex
Change in Q4 2011 % sales, ex?petrol
100.0 (1.9)Â
?1.2% ?2.3%
(0.4)Â 97.7 1.1 98.8 (1.3)Â
?2.5%
97.5
Q4Â 2010
LFL
calendar adj.
Q4Â 2011 Expansion Q4Â 2011 LFLÂ adj. adj.
Forex
Q4Â 2011
4
France: continue execution of our Action Plan (Reset) in Q4
Change in Q4 2011 % sales, ex?petrol
100.0 100.0 (2.8)Â 0.1 (1.6)Â
Change in FY 2011 % sales, ex?petrol
?2.7%
97.3
?2.3%
0.4 97.7
?1.2% ?1.6%
98.4 0.4 98.8
Q4Â 2010
LFL
Calendar adj.
Q4Â 2011 LFLÂ adj.
Expansion
Q4Â 2011 adj.
FYÂ 2010
LFL
FYÂ 2011 LFL
Expansion
FYÂ 2011
Initial effects of our action plan launched in high-minded LFL sales ex?petrol and calendar in Q4 ?2.7% and ?2.3% including the positive impact of expansion, ...If you want to get a full essay, tack it on our website: Ordercustompaper.com
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