FRANCE: Casino Remains Confident After Solid Q3

Casino has said it remains confident that its revival strategy will work, after recording a solid set of results for its fiscal third quarter.

For the three months to end-September, sales were up 6.7% to €10.4bn, on like-for-like growth of 1.7%.  However, on an organic basis, sales rose just 2.9%, down from the 3.8% growth recorded in the second quarter.

Sales in France declined by 1.1% to €4.76bn, even as LFL sales were down 0.6%, although this was partly due to the closure of hundreds of stores and the transfer of some outlets to franchisees. The Geant hypermarkets saw food sales grow by 1.8%, its Supermarkets recorded a 4.5% organic rise, while Monoprix and Franprix benefitted from expansion and store revamps.  The group said it was affected by poor weather conditions and the decline in tourism.

In Latin America, its Food sales were up 20.8% to €3.87bn (+13.2% organic) while LFL sales rose by 8.2%.  The results were driven by its Assai banner, as well as promotional activity at the Extra hypermarkets. The Electronics unit also performed well, with sales up 14.8% to €1.1bn (-0.4% organic), with LFL sales growing by 2.0%.

However, the e-commerce unit dragged down overall figures, with sales down 12.9% to €  671m (-16.4% organic).