Sales growth at French retailer Groupe Casino slowed in the first quarter, the company said, dragged down by its supermarkets and hypermarkets in its core French market.
Casino, which also controls Brazil's Grupo Pao de Acucar, posted first-quarter sales of €5.436 billion.
On a same-store basis and excluding acquisitions, currency effects and revenue on fuel, sales rose by 1.0% in the first quarter compared to a 4.4% increase in the fourth quarter of 2022.
Financial Stability
Casino, headed and controlled by veteran entrepreneur Jean-Charles Naouri, is currently striving to find a way out of its financial challenges, facing two rivalling combination offers for parts of the group.
The retailer, which has been selling assets to reduce its debt, is aiming to complete its €4.5 billion disposal plan by the end of the year.
Disposals at the end of the first quarter amounted to €4.2 billion, it said.
This included the sale of an 18.8% stake in Brazil's supermarket chain Assai for €723 million and of several assets in France.
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Net Debt
Net debt in France at the end of the first quarter stood at €4.5 billion, stable when compared to the end of the first quarter 2022.
Casino said it was making progress on its plan to reduce inventory by €190 million in the first half of the year while implementing a €250 million cost savings plan for the full year.
It said it opened 198 stores in convenience formats during the first quarter, mainly under franchise.
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News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.
