PR Newswire/Les Echos/

Bayonne, August 31st, 2010

2010 first-half earnings
                                                                      2009
                        In thousand euros        2010        2009    full year
                                              first half   first half(restated
                                                                     for CVAE)
                       Sales (excl. VAT)       244,866       233,926 515,198
                       Income from ordinary 
                       operations                  673       - 1,946   6,806
           
GUYENNE ET GASCOGNE    Share of Sogara income    4,013         3,210  11,878
  
Consolidated financial Share of Centros 
statements             Comerciales          
                       Carrefour income          2,539         2,685   8,657

                       Net income (Group share)  6,382         3,988  23,588

                       Sales (excl. VAT)        244,866        233,926 
Guyenne et Gascogne    EBIT                       - 630        - 2,428
parent company         Sogara dividend           27,219         27,219 
                       Net income                25,675         24,370
   
                                                654,545        672,040 1,420,042
Sogara                 Income from ordinary       8,289         12,625  38,578
                       operations                
                       Net income                 8,026          6,420  23,756

Centros Comerciales    Sales (excl. VAT)      4,098,974      4,258,420
Carrefour (Spain)      Income from ordinary     162,537        156,462
                       operations                    
                       Net income                61,692         65,241

   2009
 full year  
(published)

   515,198

     6,806
    12,278


     8,657

    25,012

   515,198
     6,110
    27,219
    29,775

 1,420,042
    38,578

    24,556

 8,969,987
   444,326
   
   210,328

The figures for consolidated sales (excluding VAT) and income from ordinary
operations correspond to the parent company alone , with the Sogara and Centros
Comerciales Carrefour subsidiaries consolidated on an equity basis for 50% and
4.1% respectively.
The parent company's accounts are presented under French GAAP, while the
accounts for Sogara and  Centros  Comerciales Carrefou r are
presented under IFRS.

The classification of the French tax on business added value (CVAE) under income
tax has had the following impacts: 
* Recognition of deferred taxes at December 31st, 2009, with a 1,424,000 euro
  impact on  the Group's earnings for 2009;
* CVAE tax for the first half of 2010 not taken into consideration in income
  from ordinary operations, but recognized as a tax expense:
  - 710,000 euros for Guyenne et Gascogne,
  - 2,866,000 euros for Sogara.

HIGHLIGHTS

Throughout the half-year period, the sales trend was affected by the continuing
economic crisis and its impact on household consumption, particularly in
non-food sectors.

However,  the  satisfactory  level  of  food  spending  has  provided effective 
support  in  terms  of managing  the  networks  and  particularly  benefited 
the  parent  company's  Carrefour  Market supermarkets, enabling it to achieve
very significant improvements in its EBIT.

Sogara, penalized by the very large size of its hypermarkets and the weighting
of non-food in its selections, has  seen a contraction in its income from
ordinary operations. Nevertheless, its net income is up thanks to a capital gain
on disposal and the elimination of the withholding tax on the dividend paid by
its Spanish subsidiary.

In Spain, in a still difficult climate, Centros Comerciales Carrefour is
continuing to move forward with its efforts to  ensure effective control over
distribution costs, while maintaining its market shares. Income from ordinary 
operations is up, but net income, affected by the non -recurring expenses
recorded, is down slightly.

The Guyenne et Gascogne Group as a whole achieved strong growth in consolidated
half-year earnings compared with the same period the previous year, climbing to
6,382,000 euros. As each time  figures  are  released,  it  is important  to 
remember  that  the  first  half  of  the  year is  not particularly
representative due to seasonal factors, and even less so this year as a result
of the non-recurring items indicated previously.

                                 OUTLOOK

Without waiting for the first signs of an economic recovery, the Guyenne et
Gascogne Group has implemented various measures, covering both commercial
aspects and effective cost management, enabling it to look ahead to the future
with confidence.

The  parent  company  expects  Carrefour  Market's  success  to  continue  and 
is  forecasting improvements in its profitability, while Sogara looks set to
benefit from the further tests carried out in the Carrefour hypermarkets.

The Spanish subsidiary, which adopted a very quick response as soon as the
crisis began, is managing  its  operations  effectively  and  plans  to 
maintain its  good level  of  probability while capitalizing on opportunities
for expansion.

          Third-quarter sales to be released on October 18th, 2010

The Guyenne et Gascogne Group's financial information and half-year financial
report are available on the company's website at: www.guyenneetgascogne.com

Press contact: Calyptus - Marie-Anne Garigue      
Tel: +33 1 53 65 68 63 - Fax: +33 1 53 65 68 60
marie-anne.garigue@calyptus.net

Guyenne et Gascogne contact: Marc Léguillette
Tel: +33 5 59 44 55 06 - Fax: +33 5 59 44 55 77
marc.leguillette@guyenneetgascogne.fr

                              ISIN: FR0000120289
                      
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