Casino's French results: mild disappointment | RetailDetail

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


Isabel Marant opens first Dutch store

24/05/2018

Fashion brand Isabel Marant opened its very first Dutch boutique in Amsterdam. It is located in the P.C. Hooftstraat, in a former McGregor store.

Zara opens new flagship store with holograms and robots

18/05/2018

Zara’s remodeled flagship store in Stratford (London) welcomes customers with holograms, robot arms and iPad-powered employees. The store wants to unite the best of both the online and offline shopping world.

Komono wants to reach 10 physical stores this year

17/05/2018

Belgian accessory label Komono wants to double its number of physical stores to ten this year. “The stores are important to tell our story”, Anton Janssens and Raf Maes told De Standaard.

Hema has to pay Levi's millions

17/05/2018

Store chain Hema needs to pay a 4.4 million euro fine to jeans brand Levi’s after the latter went to court because Hema applied its V-shaped stitching to its own collection.

Suitsupply suffers losses because of expansion

15/05/2018

Dutch Suitsupply has experienced a decent turnover growth last year, but its net result tumbled below zero because of its huge investments. Nevertheless, that is the only way forward according to its founder, whose focus is still fixed on the United States.

Starting this Friday, Belgium has its own national e-commerce event

15/05/2018

Move over, Black Friday! This week, Belgium launches its own national e-commerce event as Jack & Jones, Kiabi, La Redoute, Sarenza, Tape à l'Oeil and Veritas organise the first Belgian Friday.