FRANCE: Casino 2013 profits up, "confident" on 2014
Casino said growth in Brazil, where it owns Pao de Acucar chain, was "very strong"
French retailer Casino today (18 February) reported a near-10% rise in underlying annual profits and expressed "confidence" in its growth prospects for 2014, helping its shares to recover recent lost ground.
The owner of France's Monoprix, Brazil's Pao de Acucar and Thailand's Big C booked a 9.7% increase in underlying net profit to EUR618m (US$848.5m) for 2013.
Casino's bottom line was helped by lower financial costs and a reduction in its tax rate.
However, the retailer's trading profit was up 18.1% at EUR2.363bn as its businesses in Latin America and Asia boosted its top line. Annual sales were up 15.9% at EUR48.6bn.
Sales in France were up 5.7% at EUR19.45bn, helped by a full contribution from convenience chain Monoprix. Casino took full control of Monoprix after buying out venture partner Galeries Lafayette for EUR1.18bn. However, on an organic basis, domestic sales, excluding fuel were down 3.6%.
Nonetheless, Casino said it was seeing improvement from its banners in France. Chairman and CEO Jean-Charles Naouri expressed an upbeat tone about Casino's prospects in 2014.
"The group's banners improved their positions in France and internationally. In 2014, the continued implementation of the strategy focusing on buoyant countries and formats, in combination with disciplined group management, gives us confidence in our prospects for growth and profitability," Naouri said.
Shares in Casino, which have fallen 2.7% so far in 2014, were up 4.14% at EUR81.58 at 14:10 CET.
Click here for just-food's On the money analysis of Casino's 2013 results.
This is a detailed report covering Groupe Casino’s store formats, private labels, history, key employees, and key financial and operational metrics in Colombia....
This is a detailed report covering Groupe Casino’s store formats, private labels, history, key employees, and key financial and operational metrics in Brazil....
Casino Guichard-Perrachon SA had already concentrated its activity on small formats, and it will continue this strategy with further investment in chains like Chez Jean or Le Marché à Côté. As for oth...
Over the forecast period, Casino Guichard-Perrachon aims to become the leading player in grocery retailing in Vietnam by continuously expanding its outlet network and expanding into new areas in many ...
- Focus: Danone CEO Faber puts stamp on business
- General Mills US "priority" categories gain share
- The just-food interview: Doux CEO Arnaud Marion
- Interview part 2: BRF CFO Augusto Ribeiro
- Cleaning up Tesco will have mixed supplier impact
- General Mills outlines "aggressive" NPD drive
- Coles supplier payments broke competition law
- Kraft to reappraise business, says new CEO Cahill
- General Mills earnings drop one-third
- PepsiCo opens snacks plant in Saudi Arabia