FRANCE: Casino net profit flat as international offsets French weakness

By Katy Askew | 21 February 2013

  •  Net profit down 0.2%
  •  Trading profit up 29%, boosted by CBD consolidation
  •  French trading profit down 8.6%
International continues to bolster Casino results

International continues to bolster Casino results

French retail Groupe Casino has booked a slight drop in net profit for 2012, as a weaker performance from its domestic business was offset by a strong international showing.

Full year underlying net profit was down 0.2% to EUR564m (US$755m). Trading profit, however, rose 29% to EUR2bn, boosted by the consolidation of its Brazilian business CBD.

The company said profits were underpinned by a strong performance in emerging markets, with margin improvements in Brazil and Columbia. International, which now accounts for 60% of sales, offset an 8.6% drop in trading profit from Casino's French business. The company said fierce competition and sluggish consumer sentiment in France had weighed on its result.

In its sales update, which was delivered to the market in January, Casino said worldwide sales were up 22% to EUR42bn. French sales were down 0.8%.

Show the press release

 

2012 RESULTS

Very strong Group sales growth, + 22.1%

Continued sustained organic growth internationally, + 8.5%

Sales almost stable in France, - 0.8%*

Trading Profit + 29.3%

Net profit from continuing operations, Group share, up +84.4% at €1,065m

Net underlying profit, Group share, at €564m

Net debt/EBITDA ratio fell to 1.91x

Recommended dividend of €3

Jean-Charles Naouri, Chairman and Chief Executive Officer of Casino Group, stated:

"The Group underwent some major transformations in 2012, notably with the control of GPA in Brazil and the agreement with Galeries Lafayette on the acquisition of 50% of Monoprix, hence strengthening its profile on international businesses and buoyant formats. For the first time, it has generated operating income in excess of €2 billion. In 2013, confident in the growth of its activity and results, Casino will pursue its strategy of back-to-basics in France and organic growth internationally, while working to maintain its financial structure." 

The 2012 consolidated financial statements were approved by the Board of Directors on 20 February

 

Original source: Groupe Casino

Sectors: Emerging markets, Retail

Companies: Casino, CBD

View next/previous articles

Currently reading -

FRANCE: Casino net profit flat as international offsets French weakness

There are currently no comments on this article

Be the first to comment on this article

Related research

Groupe Casino in Colombia: Local Profile

This is a detailed report covering Groupe Casino’s store formats, private labels, history, key employees, and key financial and operational metrics in Colombia. Introduction and Landscape Why was the report written? This is a comprehensive report ...

Casino Guichard-Perrachon SA in Retailing (France)

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 other sources of growth, Casino Guichard-Perrachon co...

Casino Guichard-Perrachon SA in Retailing (Vietnam)

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 provinces across the country. The company will als...

Related articles

BRAZIL: BRF appoints Galeazzi as chief executive

Brazilian food group BRF has appointed Claudio Galeazzi as its new CEO.

FRANCE: Casino expansion offsets weak LFL sales in France

Casino has booked higher half-year profits helped by a jump in international earnings but the French grocer's numbers also revealed continued challenges at home.

ANDORRA: French retailer Systeme U enters Andorra

French retailer Système U has entered Andorra through the acquisition of two former Casino-owned Monoprix stores.

Welcome to the home of food information, insight & intelligence

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page