French retailer Casino has booked an increase in sales in the first quarter despite falling sales in its domestic market.
Group sales in the three month period amounted to EUR11.7bn (US$15.32bn), a 33.7% increase on the prior year thanks to the full consolidation of Brazilian business CBD.
Stripping out acquisitions, currency effects and excluding petrol, sales were up 2.5% on an organic basis.
Revenues in France, however, were down 3.4% to EUR4.31bn as the retail group failed to benefit from a price-cutting policy it initiated in the fourth quarter.
Same-store sales from Casino’s Géant hypermarkets were down 10.2%, with same-store food sales falling 7.7%. Sales at its namesake supermarkets dropped 8.3%,.
Internationally, organic growth was “robust”, increasing 8.3% to EUR7.37bn, driven by all of the group’s markets, it said, but primarily from growth in emerging markets in Latin America and Asia. The two regions posted like-for-like sales growth of 8.7% and 8.5%, respectively.
Shares in Casino, which issued the results after the stock market clsoed yesterday (18 April) were down 0.44% at EUR79.98 at 12:41 CET today.
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