PARIS (Reuters) – Weakened by ongoing restructuring, including the sale or closure of unprofitable stores, the French distributor Casino announced on Thursday a drop in its sales in the third quarter.
Sales amounted to 2.1 billion euros for the three months to the end of September, a drop of 1.8% on a like-for-like basis and 5.1% on a reported basis. They had already decreased by 3.1% in the second quarter.
Adjusted EBITDA for the first 9 months of 2024, of €402 million, decreased by 24% compared to the same period in 2023.
The group announced in a press release that its restructuring plan was “secure”, and that the “transformation of the Nouveau Casino” was “under way”.
The seventh largest French retail group in terms of market share, Casino came close to ceasing payments last year after years of acquisitions financed by debt against a backdrop of decline in its market share.
Now controlled by Czech billionaire Daniel Kretinsky, Casino is trying to bounce back by cutting jobs, selling its loss-making department stores and refocusing on convenience stores like Monoprix and Franprix.
Casino’s new management must present its strategy in November to redress the group’s operational and financial situation.
(Written by Dominique Vidalon and Florence Loève; edited by Sophie Louet)
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