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Carrefour S.A. ADR's (CRRFY) CEO Alexandre Bompard on Q4 2017 Results - Earnings Call Transcript

Mar. 01, 2018 4:08 AM ETCarrefour SA (CRRFY)
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Carrefour S.A. ADR (OTCPK:CRRFY) Q4 2017 Earnings Conference Call February 28, 2018 12:15 PM ET


Alexandre Bompard - Chairman and Chief Executive Officer

Matthieu Malige - Chief Financial Officer


Arnaud Joly - Societe Generale

Cedric Lecasble - Raymond James

Maxime Mallet - Deutsche Bank

Fabienne Caron - Kepler Cheuvreux

Bruno Monteyne - Bernstein

Andrew Gwynn - Exane

Xavier Le Mene - Bank of America Merrill Lynch

Ladies and gentlemen, welcome to the Carrefour 2017 Full-Year Results Conference Call. And I’ll hand over to Mr. Alexandre Bompard, Chairman and Chief Executive Officer. Sir, please go ahead.

Alexandre Bompard

Good evening, everyone. I’m very pleased to be with you today. I’ll share a few thoughts as an introduction to this call and then will let Matthieu Malige present the group’s 2017 numbers.

Let me start with a brief overview of this past year. 2017 saw like-for-like sales increasing by 1.6% versus 3% in 2016, reflecting a slowdown of food sales due to a number of factors, including food deflation in Brazil and tough competition, notably in France and Southern Europe. As announced in January, recurring operating income is down 14.7% at current exchange rates. Overall, 2017 operating performance has been penalized by pressure on gross margin, increasing operating costs and higher depreciation expenses.

Lastly, free cash flow from continuing operations, excluding exceptional items is down €90 million year-on-year. These results reflect the group situation I shared with you on January the 23rd. It confirms the urgent need to implement a broad and powerful Transformation Plan to lower our cost base and improve our competitiveness in order to respond to the disruptions affecting our industry.

This is the aim of our Carrefour 2022 plan. After the announcement of the plan on January 23, we have gone on the road for a two-week roadshow. I’m

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