(News Bulletin 247) – The Casino group today presents its results for the first quarter of 2023. The company posted a turnover of 5.4 billion euros, up 1% on a like-for-like basis.
In the France Retail segment, sales for the first quarter of 2023 amounted to 3,274 ME, almost stable on a like-for-like basis (-0.4%). Revenue in Latin America (GPA and Grupo Éxito) grew organically by +11.4% over the quarter and +9.5% on a comparable basis.
The Group’s net financial debt is at 5.1 billion euros, down 1.3 billion euros since the end of 2022 and 2.4 billion euros over the last 12 months.
The group sold an 18.8% stake in Assaà for 723 million euros and several assets in France, bringing the total of the disposal plan carried out in France to 4.2 billion euros.
The progress of the plan to reduce inventories by 190 ME in the first half and of the cost savings plan of 250 ME per year continues.
For 2023, the group plans to accelerate its local expansion plan and is targeting 1,000 new stores representing a level of more than €500 million in business volume over a full year.
In terms of deleveraging, lowering debt continues to be a priority; the disposal plan in France of 400 ME before the end of 2023 is continuing, as is the monetization of assets in Latin America.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
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.
