French retailer Casino said revenue growth slowed in the first-quarter, as weaker sales in its core French market overshadowed a more dynamic performance in Brazil.
Casino, which this week strengthened its ties with e-commerce giant Amazon, reiterated on Thursday its goals to deliver 10% growth per year in trading profit for its French retail business between 2019 and 2021, and the generation of €500 million ($557 million) in free cash flow per year.
Casino, which has been selling assets to reduce its debt and which also controls Brazil's Grupo Pao de Acucar, posted first-quarter sales of €8.85 billion.
Excluding acquisitions, currency effects and revenue on fuel, sales rose by 4.3% compared to 5.1% growth in the fourth quarter of 2018.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
