France-based supermarket chain Groupe Casino has reported total net sales of €4.56bn ($4.83bn) in the third quarter (Q3) of fiscal 2023 (FY23), down -5.5% as reported and -5.3% on a same-store basis compared to the same period in FY22.
During the period ending 30 September 2023, net sales in France were €3.67bn ($3.89bn), down by -8.3% on a reported basis and -8.2% on a same-store basis against the previous fiscal year.
Go deeper with GlobalData
Sales for France Retail and Cdiscount were down -5.6% and -24.6% respectively on a same-store basis in Q3 FY23.
In Latin America, Groupe Casino delivered €888m ($941.46m) in sales in Q3 FY23, up 8.3% on a reported basis from the same quarter of the previous year.
Grupo Pão de Açucar, the company’s subsidiary in Brazil, posted same-store sales growth of 5.7% over the quarter, driven by same-store sales growth of 7.7% in convenience format and same-store sales growth of 2.5% by Extra Mercado supermarkets.
Groupe Casino delivered earnings before interest, taxes, depreciation and amortisation of €189m ($200.37m) in Q3 FY23.
The company’s net debt grew to €6.2bn ($6.57bn) as of 30 September 2023, up €0.1bn ($106.02m) compared to 30 June 2023. Net debt was €5.6bn ($5.93bn) in France and €0.6bn ($636.12m) in Brazil.
In October 2023, Groupe Casino entered a lock-up agreement with creditors led by Czech billionaire Daniel Kretinsky, under which the consortium will inject €1.2bn ($1.35bn) of new money in the form of equity.
Casino recently signed a pre-agreement to divest its stake in South American retail company Almacenes Éxito to Grupo Calleja, a grocery retailer group.
