France’s Groupe Casino saw its group consolidated net sales rise 2.7% on an organic basis to €19.7 billion in the first half of the year, according to results just posted by the retailer.
This includes an increase in activity in France of +0.9% on a same-store basis and +2.0% on an organic basis.
Its French operation also posted a trading profit €85 million higher than a year earlier, compared to a €53 million decline in H1 2015.
In Latin America, Casino said that it saw ‘good performances’ in Colombia, Argentina and Uruguay and ‘improved sales’ in Brazil.
Commenting on its performance, Bruno Monteyne of Bernstein Research said, “To hit Casino’s guidance of €500m of French EBIT for 2016, it will need to generate €415m in H2. Based on previous guidance of €66m of property profits for the year, they have only €17m left in H2 (H1 was €49m), this means they will need to generate €398m of retail trading profit in H2, compared to €305m in H2 2015.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
