Casino's French results: mild disappointment

Much like their arch rivals Carrefour before them, Casino's latest semi-annual results saw their profits on their home market France go down. Caused by higher fuel prices and lower selling prices, French net profits dropped 22%. 

 

Despite the lower profits, it seems that the lower selling prices have been a good strategy, as Casino's home market share grew with 1.2% and its main rival Carrefour saw their home market profit drop a whopping 35%. 

 

Over all its 11,663 stores in 9 countries, Casino's turnover for the first six months of 2011 was 16.1 billion euro (+19%). Its profits however peaked at 571 million euro, slightly below the expected 580 million. For the first time ever, the foreign markets (South America, Southeast Asia and the Indian Ocean) are generating more than half of the group's profits. 

 

During the announcement of their results, Casino's chairman Jean-Charles Naouri also emphasised that Casino will not relinquish control of the Brazilian chain Grupo Pão de Açúcar to Carrefour. On the contrary: Carrefour's bid to take over the Brazilian market leader is completely halted. “We have waited for thirteen years to take over GPA and we will not sell it now”, he said. 

 

Much like their arch rivals Carrefour before them, Casino's latest semi-annual results saw their profits on their home market France go down. Caused by higher fuel prices and lower selling prices, French net profits dropped 22%. 

 

Despite the lower profits, it seems that the lower selling prices have been a good strategy, as Casino's home market share grew with 1.2% and its main rival Carrefour saw their home market profit drop a whopping 35%. 

 

Over all its 11,663 stores in 9 countries, Casino's turnover for the first six months of 2011 was 16.1 billion euro (+19%). Its profits however peaked at 571 million euro, slightly below the expected 580 million. For the first time ever, the foreign markets (South America, Southeast Asia and the Indian Ocean) are generating more than half of the group's profits. 

 

During the announcement of their results, Casino's chairman Jean-Charles Naouri also emphasised that Casino will not relinquish control of the Brazilian chain Grupo Pão de Açúcar to Carrefour. On the contrary: Carrefour's bid to take over the Brazilian market leader is completely halted. “We have waited for thirteen years to take over GPA and we will not sell it now”, he said. 

 
Questions or comments? Please feel free to contact the editors


LVMH acquires Dior

25/04/2017

French luxury group LVMH has agreed to acquire fashion brand Christian Dior’s final 26 %. In return, it will pay 12.1 billion euro.

Jimmy Choo is looking for a new owner

24/04/2017

Shoe brand Jimmy Choo put itself up for sale after a deal with investor JAB, which currently owns 70 % of shares.

H&M wants clothing to become recyclable by 2030

24/04/2017

At the H&M Foundation-organized Global Change Awards, Karl-Johan Persson, Swedish fashion company’s CEO, said all of the group’s clothing should be fully recyclable by 2030.

Profit alert for lingerie manufacturer Van de Velde

20/04/2017

Belgian lingerie manufacturer Van de Velde, best known for its Marie Jo and PrimaDonna brands, expects its 2017 financial results to come under pressure. The company immediately announced additional investments to stimulate growth.

Primark only achieves growth through store openings

19/04/2017

Irish fashion chain Primark has seen its turnover grow more than 20 % in the past six months, but that was only thanks to new store openings and positive exchange rate fluctuations.

C&A launches 'cradle-to-cradle' collection

19/04/2017

Fashion chain C&A is launching a "Cradle to Cradle Certified Gold" t-shirt collection in June. These can be entirely recycled or reused and C&A says the shirts can even be thrown on the compost heap.

Back to top