Debt-laden retailer Casino says sales slowed in Q1

Teract SA

04/05/2023 06:40

PARIS, May 4 (Reuters) - Sales growth at heavily
indebted retailer Casino  CASP.PA  slowed in the first quarter,
the company said on Thursday, dragged down by its supermarkets
and hypermarkets in its core French market.
    Casino, headed and controlled by veteran entrepreneur
Jean-Charles Naouri, is striving to find a way out of its
financial woes, facing two rivalling combination offers for
parts of the group.
     The retailer, which has been selling assets to reduce its
debt, is aiming to complete its 4.5 billion euros  ($4.99
billion) disposal plan by the end of the year. Disposals at the
end of the first quarter amounted to 4.2 billion euros, it said.
     Casino, which also controls Brazil's Grupo Pao de Acucar
 PCAR3.SA , posted first-quarter sales of 5.436 billion euros 
($6.02 billion).
    On a same-store basis and excluding acquisitions, currency
effects and revenue on fuel, sales rose by 1.0% in the first
quarter compared to a 4.4% increase in the fourth quarter of
2022.


($1 = 0.9023 euros)


($1 = 0.9022 euros)

 (Reporting by Dominique Vidalon, editing by Tassilo Hummel)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))