French grocery retailer Casino today (29 July) posted a 12% rise in first-half operating profit, which was boosted by strong results in emerging markets.
Operating profit reached EUR541m in the first half of 2010, up on the EUR483m posted for the same period of last year. During the first half, EBITDA reached EUR868m, up 8.2% on the same half of 2009.
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Operating profit from Casino’s international operations grew 34.5% on a reported basis to EUR194m, which the retailer attributed to “solid margin” in Brazil, as well as margin improvements in Colombia, Thailand and Vietnam.
In France, however, operating profit fell 5.5% on an organic basis to EUR347m due to “sales revitalisation plans” at its Géant and Leader Price banners.
“Group sales rose significantly in the first half, lifted by brisk business outside France and the initial impact of Leader Price’s sales revitalisation plan,” said Casino chairman and CEO Jean-Charles Naouri. During the half, group net sales from continuing operations reached EUR13.59bn.
During the second quarter, consolidated net sales rose 8.5% to EUR6.98bn, with international sales increasing 23.6%. Sales in France rose 1.1% in the second quarter due to an upturn in same-store sales in its Leader Price outlets.
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