The chairman and CEO of French retailer Casino said the company has no plans to list its online arm CDiscount nor sell its Geant Casino hypermarkets, according to local press reports.
When asked if Casino may list CDiscount to accelerate its debt reduction plans, Jean-Charles Naouri told La Figaro: “It is not on the agenda. A listing imposes many constraints on management, whose priority now is to continue growing at double-digit turnover. We are the leader, but in a very competitive environment.”
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Separately, he said the company is focused on managing retail sales space, taking into account the shift in food revenue towards convenience stores and in non-food revenue towards e-commerce, “a segment in which we’re the French market leader with Cdiscount”.
With its struggling hypermarket formats now only accounting for 10% of the company’s trading profit, Naouri said he still has faith in its Geant Casino banner, and has no plans to sell it.
He added that the format is as profitable as those of its competitors and that its market share has stabilised over the past year.
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