French retailer Casino 2022 core profit falls, in exclusive talks for Teract

Teract SA

10/03/2023 06:14

PARIS, March 10 (Reuters) - Retailer Casino  CASP.PA  on
Friday vowed to reduce debt and cut costs this year after
reporting a 5.9% decline in 2022 group operating profit,
reflecting a sharp decline at its core French operations
following weak fourth quarter sales.
    Casino also said it had now signed an exclusive agreement
with Teract  TRACT.PA  to combine their retail activities in
France within an entity controlled by Casino.
    Casino, which has been selling assets to cut debt,
reiterated it aimed to complete the final 400 million euros leg
of its 4.5 billion euros disposal plan by the end of 2023.
    Casino announced earlier this week that it had also
initiated a study on a potential new sale of part of its stake
in Brazil supermarket chain Assai  ASAI3.SA  for about $600
million to accelerate deleveraging. 
    Casino, which also controls Brazil's Grupo Pao de Acucar
 PCAR3.SA , said group's 2022 operating profit 5.9% to 1.117
billion euros. This reflected a 9.1% fall in the core profit of
the French retail business, where sales at the Geant
hypermarkets fell sharply in the fourth quarter of 2022 amid
competitive pressure.

 (Reporting by Dominique Vidalon; Editing by Benoit Van
Overstraeten)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))