French retail giant Casino has posted “very strong” growth in sales in the third quarter of the year thanks to its domestic convenience and discount arms and its international operations.
Sales in France amounted to EUR4.73bn (US$6.49bn), a rise of 4.3% compared to the same period last year.
The group’s Cdiscount stores and convenience formats in France experienced an upturn.
Casino said: “Cdiscount continues to grow at a very fast pace, with organic sales up 15.4%. This performance reflects a successful combination of very competitive pricing policy and innovative sales initiatives. All the convenience formats saw an increase in organic sales excluding petrol in a sign of their attractiveness to shoppers.”
International sales also grew 50.1% to EUR3.9bn, reflecting “powerful momentum” in four key countries – Brazil, Colombia, Thailand and Vietnam. International now accounts for 46% of the group’s sales.
Sanford Bernstein analyst Christopher Hogbin said the growth was “largely” in line with his expectations.
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By GlobalDataHowever, he said that, although Casino has an “attractive mix of assets” in France, there were questions remain about domestic performance.
“The trading update highlights the continued strong growth in Casino’s international businesses, but showed no underlying improvement in core French operations,” Hogbin said.
“Consumer behaviour remains largely unchanged with consumers still pressured by lower disposable income, and overall confidence remaining low.”