Carrefour SA announces Final Results 2005

                   Full Year Results 2005



      2005: more than just a year of transition


                  Sales ex. VAT
                   Euro 74,497 m
                     +2.5%
       +4.3% at constant perimeter and
                exchange rates *


             Activity Contribution

                  Euro 3,175m
                     -2.9%**


       Net result before discontinued
           activities (group share)
                 Euro 1,807m
                   +1.2%

2005: a new start

In 2005, Carrefour adopted a strategy focused on customers and growth.

Over the year, the Group has made necessary tough choices about management structure, allocation of capital, and commercial policy.

We changed and simplified our management structure to make it better suited to the needs of the group. We strengthened our asset portfolio, selling underperforming businesses and reinforcing markets where we are already strong. We accelerated growth in new m2, adding 1.5 million new m2 over the course of the year. And we maintained a consistent and determined commercial strategy, winning food market share in France over the course of the year for the first time since 2000.

These choices have already begun to deliver concrete results.

* Adjusting 2004 IFRS numbers for the deconsolidation of Mexico, Japan, the Czech Republic, Slovakia, Prodirest, Puntocash and the Spanish and Brazilian supermarkets that were sold or closed.

** Comparing the 2005 accounts with the published 2004 IFRS accounts adjusted for the depreciation of buildings over 40 years.

2005 results reflect the execution of our decisions

Net sales at constant perimeter and exchange rates increased 4.3%.

Our commitment to cutting prices, particularly in France, led to a decline in group commercial margin of 0.2%. Although this decline was partly offset by controlling costs, Activity Contribution was down 2.9%.

Strong growth in Activity Contribution outside France (+19%) partly offset the decline in France (-16%). In 2005, our international operations accounted for nearly half of our group Activity contribution, the highest share in Carrefour's history.

Our financial charges were down 6% reflecting lower average debt, and our tax rate remained broadly stable at 29.4%. Net income from continuing operations was up 1.2%. Divesting underperforming assets led to a one-off charge of Euro372m. Taking into account the discontinued activities, our net income group share was down 15.6% to Euro1,436m.

Our cash flow and balance sheet remained strong even as we accelerated our investment in growth. In 2005, we invested Euro3.8bn including tactical acquisitions, 25% more than in 2004.

From 2006, we will grow profitably

We are accelerating organic growth: in 2006, Carrefour will deliver its faster ever organic growth in m2. We will open 100 new hypermarkets, more than twice the average number of openings between 2000 and 2004. In total, we will be opening a total of 1000 new stores, accounting for 1.5m new m2. We will continue to reinforce our presence in order to saturate key markets.

We will continue to strengthen our commercial model by improving assortments, reinforcing our teams in store, strengthening our brands and developing customer loyalty programmes. Price leadership, however, remains a top priority.

We have the financial flexibility to reach our goals: we plan to spend between 4% and 5% of sales on our capital expenditure, or about Euro10bn over the period 2006-2008. Our investment criteria have never been as rigorous.

In 2006, Activity Contribution will grow, based on faster sales growth than in 2005.

Further acceleration from 2007 should lead to around 10% growth in sales and Activity Contribution by 2008.

      Full Year 2005 key figures

In million        2005    2004  Chg %
euros

Sales           74,497  72,668  +2.5%
excluding VAT

Activity         3,175   3,271  -2.9%
Contribution


Net result
before
discontinued
activities
(group share)    1,807   1,786  +1.2%


EPS (Euro)        2.58    2.56  +0.9%




       Sales ex VAT per zone

m euros     2005    2004    Chg %


France    35,577  35,723    -0.4%


Europe    28,102  27,123    +3.6%
(excluding
France)





Americas   5,075   4,721    +7.5%


Asia       5,743   5,101   +12.6%

Total     74,497  72,668    +2.5%
Group


  Activity contribution per zone

m euros         2005   2004   Chg %


France         1,713  2,039  -16.0%


Europe         1,145    996  +15.0%
(excluding
France)





Americas        133     90  +47.7%


Asia            185    146  +26.7%

Total Group   3,175  3,271   -2.9%




                    AGM : 2 MAY 2006

             The shareholders Annual Meeting
          will be held on May 2nd 2006 in Paris
          in the Carrousel du Louvre at 9.30am.
          A dividend of Euro1.0 per share will be
                         proposed



                     SHAREHOLDERS AGENDA
               12th April 2006: Sales 1st Quarter

               12th July 2006:  Sales 2nd Quarter




                    Shareholders information
                      No 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



  An interview in both French and English with Jose Luis Duran,
      CEO, in video, audio and text, is available on
               http://www.carrefour.com and http://
                         www.cantos.com

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