French retailer Groupe Casino has revealed that sales gains at its international operations bolstered trading profit, which rose 7.5% during fiscal 2010.
In a trading update released today (1 March) Casino said that trading profit for the 12 months climbed to EUR1.3bn (US$1.8bn), up from EUR1.21bn in fiscal 2009. International trading profits jumped 30.2% during the year, more than offsetting a 4.1% contraction in French trading profit.
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The group reported that sales had increased 8.7% year-on-year, rising to EUR29bn. The result was boosted by double digit organic sales expansion in emerging markets – particularly Latin America – and the strength of the euro, Casino said. Sales in France, where Casino invested heavily in pricing initiatives, were also up slightly on the year, rising 0.6%.
The contribution of international operations to sales and profits rose “sharply” during the year climbing to 38% and 41% respectively from 34%, Casino said.
Commenting on the result Casino CEO and chairman Jean-Charles Naouri said that the company had “consolidated” its leadership positions in France and international markets during the year.
“We have met our objectives in terms of both sales momentum in France and faster profitable growth in international markets,” Naouri commented.
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By GlobalDataCasino said that it is targeting sales growth in excess of 10% a year over the next three years.
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