Casino Sees Sales Grow 2.4% In France In Q3
Groupe Casino has today (15 October) published its Q3 results, with the group posting a 2.4% increase in same store sales in its core France market in the quarter.
Its Géant hypermarket business saw sales rise 3.9%, while Leader Price was up 2.3% on a same-store sales basis. Monoprix rose 2.2% on a same-store sales basis.
The group added that food sales in Latin America rose +2.4%, and dipped slightly in Asia (-0.8%) on a same store sales basis.
Total group sales stood at a €10.684 billion for the quarter, a same store sales decline of 2.1%.
Commenting on its performance, analysts Bernstein Research said that Casino performed ahead of consensus, with Géant in particular performing well.
“[Géant is] no longer annualising against a period of period prior to price cuts and is seeing increased volumes as a result of their improved price position,” it said.
Bernstein added, “Currently Casino and Intermarché are seeing cost savings from their buying alliance in merchandise. Extending this to include equipment and services will give them a whole new set of cost improvements for France.”
© 2015 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.