French retailer Casino has posted a jump in underlying annual profits on the back of rising sales in Latin America and Asia.
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The company booked underlying net profit of EUR664m (US$1bn) for 2007, up from EUR436m in 2006.
Sales outside France jumped 11.2%, leading to a 3.8% rise in revenue to EUR24.9bn.
Casino said the margins from its international business were “moving towards” its margin level in France.
“The profitability profile of international operations improved significantly, reflecting the positive impact of remodelling the asset portfolio and improved margins in the two strategic regions,” Casino said.
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By GlobalData“Trading profit margin in international operations stood at 4.5%, versus 3.9% in 2006, and is moving towards the margin in France.”
Back home, sales in France inched up by 1.8% to EUR17.9bn during 2007, boosted by accelerated growth during the fourth quarter of the year.
