French retail Groupe Casino has booked a slight drop in net profit for 2012, as a weaker performance from its domestic business was offset by a strong international showing.
Full year underlying net profit was down 0.2% to EUR564m (US$755m). Trading profit, however, rose 29% to EUR2bn, boosted by the consolidation of its Brazilian business CBD.
The company said profits were underpinned by a strong performance in emerging markets, with margin improvements in Brazil and Columbia. International, which now accounts for 60% of sales, offset an 8.6% drop in trading profit from Casino’s French business. The company said fierce competition and sluggish consumer sentiment in France had weighed on its result.
In its sales update, which was delivered to the market in January, Casino said worldwide sales were up 22% to EUR42bn. French sales were down 0.8%.