French food retailer Casino Guichard Perrachon has said it is on-track to meet its annual financial targets despite a modest first quarter.
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Casino reported a 2.2% rise in first-quarter revenue, which was hit by a flat performance in France and divestments in Taiwan.
Revenue for the first three months of the year reached EUR5.5bn (US$7.5bn), up from EUR5.4bn a year earlier. Stripping out currency fluctuations, revenue was up 3.7%,
Sales in France inched up 1.5% to EUR4.2bn, Casino said yesterday (24 April). The company said it was “satisfied” with its domestic performance, although it revealed it has put plans in place to revive its Franprix-Leader Price arm, which saw sales tumble 11%.
Internationally, Casino said revenue was up almost 5% during the quarter due to strong growth in Latin America and Asia. Disposals in Taiwan weighed on the results.
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