Carrefour SA announces 1st Half Results 2005

                            1st Half Results 2005


                     Pro forma earnings per share stable
      Customer focus in France has begun to deliver market share gains
                     Strong profit growth outside France


                                 Sales ex. VAT
                                  EUR 35 440 m

                                     +2.6%
                           on current exchange rates

                                     +4.7%
  Pro forma taking into account the deconsolidation of Mexico, Japan, and Food
                            Service France on 1/1/05

                                    EBITDA
                                   EUR 2008m

                                     -0.9%

                             Activity Contribution
                                    EUR 1262m

                                     -3.1%

                                   Net income
                                  Group share
                                     EUR 687m
                                      -6.9%

                      Net income from recurring operations
                                 EUR 688 m +0.1%



We have begun to deliver on the goals we set for 2005

We are attracting more customers to our French hypermarkets

The number of customer transactions in our French hypermarkets is steadily
increasing. Transactions increased by 0.3% in Q1 and by 1.4% in Q2 versus a
decline of over 2% in 2004. An increase in customer transactions is evidence
that our offer is increasingly attractive to consumers.


We are winning market share in France

As customer transactions have improved in hypermarkets, so we have gained food
market share, up 0.2% in the First Half. All Group formats gained food market
share (+0.7%) in France in the period, the first increase of share in France by
the group as a whole since 2000.


We have improved further profitability outside of France

Activity Contribution outside France grew 24%, an increase in margin of just
under 40 basis points, to 2.6%. In addition, we have made progress upgrading the
quality of our asset portfolio having divested Japan, Mexico and our French food
service business and made tactical acquisitions in France, Italy, Cyprus, Turkey
and Brazil.


We have begun to prepare for accelerated growth in 2006 and beyond

Our preparations for accelerated growth in new square metres are on track. We
are on plan to add around 1.4 million square metres of new space in 2005 through
new stores and extensions as well as through acquisitions.



1st Half 2005 key figures

In m euros                              1H 2005   1H2004     Chg



Sales excluding VAT                      35 440   34 549    +2.6%

EBITDA                                     2 008   2 026    -0.9%

Activity Contribution                      1 262   1 302    -3.1%

Net income Group share                       687     737    -6.9%

Net income from recurring                    688     687    +0.1%

Operations - Gp Sh.


Average net debt                           9 408   9 626

Interest Cover                             9.8 x   8.8 x

Gearing                                    120%    121%



Sales ex-VAT per zone

in m euros                              H1 2005   H1 2004    Chg %  Proforma %

France                                   16 887    17 063    -1.0%       +0.5%

Europe (excl. Fce)                       13 495    12 779    +5.6%       +5.6%

Americas                                  2 321     2 243    +3.5%       +16.8%

Asia                                      2 738     2 464   +11.1%       +19.1%

Total Group                              35 440    34 549    +2.6%        +4.7%



Activity contribution per zone

in m euros                              H1 2005   H1 2004     Change on
                                                            current rates

France                                      770       903      -14.8%

Europe (excl. Fce)                          392       339      +15.5%

Americas                                     14        (3)

Asia                                         87        63      +38.1%

Total Group                               1 262      1302       -3.1%




Summary of H1 results

As anticipated, significant price investment caused commercial margin to
decline. Tight control of costs meant that SG&A margin improved. Activity
Contribution outside France increased significantly and compensated for a
decline in contribution from France, as price investments weighed on commercial
margin.

Net debt at the end of the period was stable on pro forma accounting principles
despite the acceleration of capital expenditure and the increase in the dividend
payout in the period. With a lower cost of borrowing, financial charges fell.

Overall, pro forma earnings were flat versus H1 2004 while financial ratios
continued to improve.


Going forward, we are confident and determined, but prudent

Our progress so far this year gives us confidence that a determined and
consistent pricing policy will continue to deliver results in France. In
addition, we believe that we retain significant opportunities to improve further
profitability and ROCE outside France by improving operating performance and
upgrading the quality of our asset portfolio.

Over the longer term, we will focus on building on the strengths of Carrefour
Group by addressing the following priorities:


   1.   Developing a closer relationship with our customers

   2.   Showing them we are capable of offering great every day values across
        the whole of our offer

   3.   Continuing to improve our profitability and ROCE outside of France

   4.   Accelerating organic growth from 2006


In a challenging economic environment, we remain prudent. Although we are
pleased with our progress so far this year, there is still a lot to do. However,
with the quality of our people, our focus on the customer, and the means at our
disposal, we believe that we will be able to make the transition from an
economic model based on margin expansion to one based on profitable sales
growth.

The First Half 2005 numbers are reported for the first time under IFRS
accounting standards. To reconcile H1 2004 results under French GAAP 2004 and
IFRS, please refer to the documents posted on our website.



AGENDA 2005/2006
12th October 2005 : Sales 3rd quarter
11th January 2006 : Sales 4th quarter

Shareholders information
N degrees vert 0805 902 902

Investor relations
(33) 01 53 70 19 00

Press  Relations
(33) 01 49 09 26 66


All our results available on
www.carrefour.com


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