French retailer Groupe Casino has posted a 5.3% increase in first quarter sales to €11.9 billion, according to accounts filed this morning (16 April).
Its sales rose 2.7% on an organic basis. Internationally, sales were up 9.2% (3.7% on an organic basis).
In France, Casino said that there was a 'continued improvement in organic sales (-1.3%) despite a price cuts’ carry-over effect of -1.9% and volumes growth of +0.6%'.
The retailer's Cnova e-commerce banner posted a sales increase of 17.7%.
Commenting on its performance, Bernstein Research said that, "Casino is beginning to show signs of the optionality within the business that the wide scope of its portfolio gives it. In France, Casino is choosing more carefully the right store from its arsenal. Converting convenience stores to Leader Price Express where appropriate and Supermarkets to Monoprix, we also anticipate the opportunity for supermarkets to be converted to Leader Price stores.
"With good FCF in all international markets, almost no debt outside of France and improving sales performance in France we see this optionality to focus resources on key formats and territories as a key theme for the stock in 2015."
© 2015 European Supermarket Magazine – your source for the latest retail news. Article written by Stephen Wynne-Jones
