PARIS (Reuters) – The French distribution group Casino announced on Friday a net loss in consolidated data of 295 million euros in 2024, one year marked by consequent restructuring, stores of stores and job cuts.

The group, which has the Monoprix, Franprix and Naturalia brands, said it has given up 366 hypermarkets and supermarkets Casino in 2024.

Its net consolidated losses have decreased greatly since last year, where they were 5.66 billion euros.

The title Casino lost around 11% at € 0.70 to 9:41 CE (0841 GMT). In full free fall, the action lost around 98% of its value in the year 2024.

The group came out of the SBF120 last December. He had briefly returned for a few months in June 2024, after a first exclusion at the end of 2023.

“The net results are in high improvement,” said Managing Director Philippe Palazzi during a call with journalists on Friday morning. The CEO said that “the first signs of recovery are already there”.

In 2024, “we have implemented concrete and difficult actions to save the group, which penalizes short -term turnover but which are necessary to perpetuate the group,” said the leader.

Turnover fell 2.6% compared to 2023.

Balance targeted in 2026

“Profitability is assigned by refocusing on proximity,” said Philippe Palazzi.

The adjusted benefit before interest, taxes and depreciation (adjusted Ebitda) fell 24.7% in 2024, while the Ebitda adjusted after rents fell by 65.2%.

The net financial debt, it lightened from 4.978 billion euros, now stood at 1.2 billion euros.

The net profit of the activities pursued fell to 2.17 billion euros in 2024, while that of abandoned activities is loss of 2.46 billion euros.

“If the 2024 results are still strongly marked by the past difficulties, we are now fully engaged in the implementation of our 2028 renewal plan, which will make the new Casino the French reference player in local trade,” said Director General Philippe Palazzi in a press release.

The group aims to return to the balance of free cash flow after financial costs in 2026.

Casino had announced its financial objectives for the period 2024-2028 in November 2024, during the presentation of its strategic plan for 2028.

This plan is based on a strong refocusing on local stores as well as on the development of services and catering in stores.

“I am happy that we are positioned on local trade and I do not envy anyone who still has hypermarkets in his network,” said Philippe Palazzi.

Its great competitor Carrefour, one of the main European food distributors, suffers in France because of its hypermarkets.

End of a pact

In early February, the Czech billionaire Daniel Kretinsky strengthened his participation in Casino, which he already had control.

The British fund attestor, a specialist in restructuring, has given it part of its participation in Casino. Attestor remains with around 10% of the capital of Casino, live.

But this transfer seals the end of the shareholder pact concluded between Daniel Kretinsky, Attestor and the Fimalac holder of Marc Ladreit de Lacharrière.

In March 2024, all three had taken control of Casino, in great financial difficulties, after a long battle on the Place de Paris.

Casino came close to the cessation of payments in 2023, after years of acquisition financed by debt under the direction of Jean-Charles Naouri.

This is the first annual assessment for the new shareholding and the new management of Casino, who arrived in March 2024.

(Written by Florence Lève, edited by Kate Entringer)

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