French retail group Casino has reported a 10.5% increase in first-half profit, helped by better sales at its French operations.
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The company posted net profit of €219.8m (US$264.5m) for the first half of the year, compared to €199.0m a year earlier. Consolidated net sales rose 0.8% to €11.1bn from €11.0bn a year earlier. At constant exchange rates, sales growth was 2.7%.
In France, Casino said its sales continued to outpace the competition, rising 2.2% over the period and reflecting the group’s successful positioning in convenience and discount formats and controlled products (own brand and low price products).
In international markets, organic sales rose 14.6% in the first half. Smart & Final saw strong momentum, with same-store sales rising 17.5%; sustained performance continued in Thailand, with organic growth of 11.6%; operations in Poland recovered, with organic growth of 8.2% and sales in Latin America rebounded, rising 29.6% organically.
Casino said it is confident of meeting its 2004 targets. In France, organic growth is expected to remain strong in the second half, helped by the group’s discount and convenience formats, acceleration of its store expansion programme, and sustained application of its aggressive pricing policy.
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By GlobalDataInternational operations should further increase their contribution in the second half, thanks to a rebound in US activities, sustained good performance in Thailand, the recovery of Géant Polska and the improving economic environment in Latin America.
