CARREFOUR SA ANNOUNCES 2004 Q4 SALES

http://www.carrefour.com/docs/ca4t2004en.pdf January 11, 2005

          In 2004, our full year sales ex-currency increased 4.2%
                          (+3.2% inc. currency)
                     FY sales ex-France were up 8.3%
                In Q4, sales ex-currency increased 3.9%

    We continue to make progress in addressing our five key priorities
                                for the group

                             FOURTH QUARTER 2004


                       Sales  Like   Expan-sion  Total  Curre-ncies  Total
                               for                ctt
                       incl.  like      (%)        ex      (%)        (%)
                        VAT    (%)               rates
                       (meur)                     (%)

FRANCE                 10 943  0,6      1,1       1,7       0         1,7
EUROPE ex Fce           8 496  1,7      3,3       4,9     0,5         5,5
LATIN AMERICA           1 590  5,0      1,7       6,7    (4,6)        2,1
ASIA                    1 406 (2,1)    13,5      11,4    (7,1)        4,3
TOTAL                  22 436  1,1      2,7       3,9    (0,6)        3,3


                                FULL YEAR 2004

                       Sales  Like   Expan-sion  Total  Curre-ncies  Total
                               for                ctt
                       incl.  like      (%)        ex      (%)        (%)
                        VAT    (%)               rates
                       (meur)                     (%)

FRANCE                 40 022 (1,0)     1,2       0,2       0         0,2
EUROPE ex Fce          30 148  2,6      3,5       6,1     0,1         6,1
LATIN AMERICA           5 668  5,8      4,0       9,8    (5,6)        4,2
ASIA                    5 553  0,8     18,3      19,1    (8,9)       10,2

TOTAL                  81 392  0,8      3,3       4,2    (0,9)        3,2

-    Full year group sales at Carrefour including VAT, but ex-currency,
     rose 4.2%. On current exchange rates, sales rose 3.2% to 81.392 bn
     euros.

-    In France, we continued to strengthen our pricing position. Today
     almost all of our hypermarkets are either number one or number two
     on price in their local catchment area. As expected, our decision to
     accelerate our investments in price in Q4 in order to achieve price
     leadership as quickly as possible meant that deflationary pressures
     increased and the value of the average basket remained negative.
     However, the trend in customer transactions improved significantly,
     trending close to flat over the quarter versus -2.6% over the first
     nine months. Overall, French hypermarket like for like sales inc-
     petrol were slightly down at- 0.1% versus -3.6% over the first nine
     months.

-    Outside France, sales growth remained robust despite further
     aggressive investment in price and a challenging base for
     comparison. The success of our commercial strategy, based on
     continual and substantial price roll backs, can again be seen across
     all our zones in particular in the performance of Spanish
     hypermarkets, Greece, Portugal, Brazil, Argentina, Korea, Thailand,
     Indonesia and hard discount.

-    We achieved our objective of opening at least one million square
     metres of new space in 2004. We opened 934 new stores under banner,
     accounting for 1,003,000 m2 of new space. This included 44
     hypermarkets, 107 supermarkets, 554 hard discount stores and 225
     convenience stores. We now have 11,080 stores in our portfolio.

-    With regard the five key priorities outlined with our results at the
     beginning of September, we have begun to deliver on what we
     promised. We are in the process of creating a stronger platform for
     sales growth in French hypermarkets; we are developing new engines
     for growth outside France and have begun to divest non-core and non-
     profitable assets; we have met our targets for growth in new square
     metres and net debt reduction even while buying back 11.2m of our
     shares. We expect to report further progress with our full year
     results on March 10th.


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following link into your web browser:

http://www.carrefour.com/docs/ca4t2004en.pdf

Investor relations: David Shriver,
Etienne Humbert                                 Tel : (33) 01 53 70 19 00
Shareholders information: Veronique Kretz       No vert : 0805 902 902
Press relations: Christian Doleon               Tel : (33) 01 40 70 11 89


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