French mass-market retailer Groupe Casino has reported a 3.5% decrease in net sales on a same-store basis to €4.19bn ($4.53bn) in the first half (H1) of fiscal 2024 (FY24) from €4.45bn in the same period of the previous fiscal year.
The company’s convenience brands, Monoprix, Franprix and Casino, saw a slight 0.3% drop in net sales to €3.66bn, while Cdiscount banner sales fell sharply by 18.9% to €468m over the period.
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During the period ending 30 June 2024, Groupe Casino’s net profit from continuing operations showed a significant turnaround, posting €2.54bn in H1 FY24, a stark contrast to the net loss of €918m in the same period of FY23.
Groupe Casino’s consolidated EBIT [earnings before interest and taxation] was €56 in H1 FY24, compared with a trading profit of €17m in H1 FY23.
The consolidated net profit stood at €39m, recovering from a loss of €2.2bn in the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the group reached €255m in H1 FY24 – a 23.8% decrease from €334m in the same period of FY23.
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By GlobalDataIn the second quarter of the fiscal year 2024, net sales were down 3.1% to €2.08bn on a same-store basis year-on-year.
The company has reduced its net debt to €1.0bn as of 30 June 2024, from €1.6bn at the end of March 2024.
Convenience brands reported a marginal 0.5% decline in net sales on a same-store basis in Q2 FY24, while Cdiscount’s net sales saw a 16.5% decrease.
Casino Group CEO Philippe Palazzi said: “As we present these results and the measures we have already implemented; I would like to reiterate that our priority remains the future of all the group’s employees and following through on our commitments.
“Since the beginning of April, the new executive management team has been analysing the situation and developing a plan to create economic and social value. Alongside this work, which will deliver medium and long-term results, I would like to highlight the commitment of our teams, who have already launched a number of transformation initiatives.
“To improve our economic performance, we have begun streamlining our store network: closing unprofitable stores, converting integrated sites to franchises, carefully selecting our new franchise partners and opening new stores with high potential.”
In June 2024, Casino Group initiated exclusive discussions with Auchan Retail France and Rocca regarding the potential sale of its Corsican subsidiary, Codim 2.
