FRANCE: Overseas markets continue to boost Casino
Casino reported 14% increase in same-store sales from Brazilian business Grupo Pao de Acucar
French retail giant Casino has reported a near-6% increase in annual sales as growth overseas offset a challenging year at home.
Casino booked a 5.7% rise in net sales to EUR48.47bn for 2013, excluding fuel and the impact of calendar changes.
Sales in France were down 2.9%. Outside France, sales jumped 11.9%.
The fourth quarter of the year saw Casino round off 2013 in similar fashion. In the last three months of the year, domestic net sales dropped 3.6% after fuel and the calendar impact were removed from the results.
International sales were up 12.5%. Growth in Latin America offset lower sales in Asia amid the macroeconomic and political problems in Thailand.
In Brazil, same-store sales at Casino's local business Grupo Pao de Acucar were up 14.2%. Same-store sales at Casino's Thai arm Big C fell 4.7%.
Casino's five chains in France saw same-stores sales fall in the fourth quarter. However, Casino said its namesake supermarkets and Géant hypermarkets in France saw customer traffic and volumes improve in the quarter compared to the previous three months.
Sanfore Bernstein analyst Bruno Monteyne said Casino's "repositioning" in France was showing "positive results".
The foodservice business represents a relatively small proportion of the group’s portfolio of activities and total revenue. While there is no clear strategic focus from the group concerning the foodse...
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