French supermarket group Casino has reported a net loss of €295 million ($306.8 million) for 2024 after a year marked by restructuring, store disposals and job cuts.
The owner of the Monoprix, Franprix and Naturalia brands, which fell out of France's SBF120 index for a second time in two years in December, said it sold 366 hypermarkets and supermarkets and closed 768 outlets last year.
The company's shares fell more than 12% on Friday (28 February), after the company announced its results.
By 12:35 GMT on Friday its Paris-listed stock, which has fallen 38% so far this year, had slid to 0.68 euros, its lowest recorded in LSEG data going back to 1985.
'Concrete And Difficult Actions'
"We have implemented concrete and difficult actions to save the group, which will penalise sales in the short term, but which are necessary to ensure the group's long-term viability," CEO Philippe Palazzi told journalists in a post-earnings call.
Comparable yearly sales fell by 2.6% to €8.47 billion, the group said in a statement.
A consortium led by Czech billionaire Daniel Kretinsky bought a majority stake in the company after the Paris Commerce Court last February approved a procedure to bail it out.
Casino, which in November presented its strategic plan to 2028, now expects to return to break-even in its free cash flow after expenses in 2026.
"Net results are showing a strong improvement," Palazzi said. "The first signs of recovery are already there."
Recently, the French retailer renewed its partnership with Avia Thévenin Ducrot stores for another three years to 2028.
The partnership between Groupe Casino and Avia Thévenin Ducrot dates back almost 20 years, covering 46 motorway service stations, including 39 operated under the Casino Express banner.
