PARIS (Reuters) – Casino on Tuesday reported fourth-quarter sales up 4.4% like-for-like, driven by Latin America and convenience stores in France which more than offset the decline in its French hypermarkets and supermarkets.
The quarterly turnover of the French retail group reached 9.16 billion euros.
In Latin America, quarterly sales rose 12.0% on a comparable basis, with “an excellent performance from Assaà and Grupo Éxito”, the group said in a press release.
Casino specifies that it opened 352 new stores in France during the quarter in convenience formats, i.e. 879 new stores over the year, “exceeding the initial target of 800 openings in 2022”.
The group’s quarterly revenue in France, however, fell by 5.1%, penalized in particular by the decline in Cdiscount (-23.8% on a comparable basis).
French hypermarkets and supermarkets were also particularly hard hit, with a drop in turnover of 6.2% and 4.0%, respectively.
“Casino Supermarkets and Hypermarkets show a change in trend in the 4th quarter in a more difficult competitive environment at the end of the year”, says the group.
Casino therefore announces that it wants, in the 1st quarter of 2023, to put in place price readjustment measures and accelerate the commercial policies targeted at Leader Price products.
For the year 2022, the group had previously said it was aiming for “a high level of profitability and improved cash flow generation”.
Casino is due to present the rest of its annual results on March 10.
(Written by Kate Entringer, edited by Matthieu Protard and Tangi Salaün)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
