French supermarket retailer Casino, in the process of divesting assets to cut debts, has agreed to sell six of its 'Géant' hypermarket stores to domestic rival Leclerc for €100.5 million.
"Reducing these losses will contribute to the group's growth objective in trading profit in the France retail segment," Casino said in a statement on Saturday.
Sales Performance
Last week, Casino reported a slight slowdown in revenue growth during the fourth-quarter as anti-government protests in France impacted its business, although Casino kept its overall financial targets.
"There was also some impact at Monoprix and Franprix due to demonstrations on Saturdays and a reduction in tourism in Paris at the end of December, and finally a slight impact in Supermarkets where around 15% of the stores were somehow affected,” chief financial officer David Lubek said of the protests.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
