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Retail

Groupe Casino Sees Net Sales Go Down By 3.7% In Revised Results

By Steve Wynne-Jones
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Groupe Casino Sees Net Sales Go Down By 3.7% In Revised Results

Groupe Casino has reported net sales of €9.0 billion in its 2023 financial year – a 3.7% decline on the previous year – according to updated results that exclude both non-current assets held for sale and discontinued operations.

The results, which do not include net sales and earnings for Assaí, Grupo Éxito, GPA, and the group’s French hypermarkets and supermarkets, indicate that the retailer reported a 38% decline in EBITDA last year, of €341 million, reflecting a margin of 3.8%.

Monoprix, which reported a 1.8% increase in sales for the year, to €4.3 billion, and Franprix, which saw sales go up by 3.2%, to €1.5 billion, were highlights for the business, while its Casino convenience banners reported sales of €1.5 billion – a 1.1% increase.

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Commenting on the performance of its retail businesses, the group noted that 2023 also saw its Naturalia brand (which is part of Monoprix) return to profit in a ‘still difficult organic market’, while there was also an acceleration in openings of Monoprix City/Monop’ stores under franchise, with 42 openings last year.

Its Franprix banner, meanwhile, was boosted by ‘good customer traffic momentum’, the group noted, as well as double-digit growth in e-commerce, led by its partnerships with Uber Eats and Deliveroo, ‘[making] Franprix the leading quick-commerce retailer in Paris,’ the retailer noted.

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In convenience, meanwhile, Groupe Casino continued to expand its store network, with 380 store openings under franchise and the transfer of 93 stores from an integrated to a franchise model.

Elsewhere, Groupe Casino’s Cdiscount business reported sales of €1.2 billion – a 22.9% decline.

EBITDA Forecast

In closing, the group noted that, in view of the hypermarket and supermarket disposal process, the EBITDA forecast that it had previously issued for the 2023-28 period was ‘no longer valid’.

The group noted that it is ‘not publishing a new 2024 outlook’.

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