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


Lubach: “Fair clothing is a matter of priorities”

15/11/2017

Ever since the Rana Plaza disaster, the clothing industry has clamoured for transparency in the clothing manufacturing branch, but Zondag met Lubach’s Arjen Lubach proved on Sunday that there is no actual transparency yet.

Fashion chain Canada Goose opens first European store

14/11/2017

Canadian fashion chain Canada Goose opened its first European store in London. The brand’s clothing has been in Europe for quite some time, but only at multi-brand stores up until now.

Desigual suffers turnover blow in first three quarters

14/11/2017

Spanish fashion chain Desigual suffered a blow in the first three quarters of 2017, with turnover  down more than 10 %. It mainly struggled in Europe, a region where it generates almost all of its turnover.

Two or three stripes on clothing are Adidas' property

13/11/2017

Swedish store chain H&M can no longer use parallel stripes on its (sports) clothing, because they resemble Adidas’ three stripes too much, according to a The Hague court.

Strong third quarter for Adidas

10/11/2017

Sports clothing manufacturer Adidas experienced a strong third quarter. Its growth was slower than in the previous quarter, but its operational profit exceeded analysts’ expectations.

Yoox Net-a-Porter grows but still failed to live up to expectations

09/11/2017

Online retailer Yoox Net-a-Porter’s third quarter like-for-like turnover grew 17.7 % to 481.8 million euro, which is not entirely what analysts had expected. Its growth slowed down in the United States and China in particular.

Back to top