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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCasino said that it is targeting sales growth in excess of 10% a year over the next three years.
For the full release click here, or check back for more in-depth analysis from just-food.
