The title of the retail group shows the largest drop on Monday on the Paris Stock Exchange. The fourth quarter was more difficult than expected in France in the food segment, particularly in Ile-de-France, to the point of revising downwards the estimates of gross operating surplus in France for the fiscal year 2021.
Casino alert on distribution in France and fall on the stock market | Photo credits: Casino Group
Casino shows the biggest drop on Monday on the Paris Stock Exchange, down more than 7%, to 21 euros. This brings the fall in the action of the retail group to 25% over one year and nearly 50% over three years.
Friday evening, after the close of the markets, Casino announced that it was adjusting its forecast for gross operating surplus (Ebitda) for the 2021 financial year concerning its brands in France. It is now expected on this scope a gross operating surplus slightly down by 1.7%, to around 1.28 billion euros, against 1.304 billion in 2020.
At the beginning of November, the distributor’s management was still counting on an increase in the EBITDA of its distribution brands in France in 2021. But the end of the year was difficult, marked, in France, by a market cyclically down, in greater than expected proportions, with an evolution of the food distribution market down 3.7% nationally and 5.6% in Ile-de-France, explains management. An important outlet for Casino, analyzes this morning the firm Invest Securities, “ with much higher profitability than other divisions “.
What about the results? Reply on February 25
” In this context, the rebalancing of the group’s market shares will have had little impact on the formation of its turnover, underlines the office again. Casino does not provide any information on the impact of this revision on the formation of consolidated results, which does not allow any objective conclusions to be drawn. This nevertheless remains a factor of uncertainty which is unlikely to be resolved before the publication of the final figures scheduled for February 25. “.
An alert which also pushes Carrefour back on the stock market, the title of the European number one in the sector yielding nearly 3%, the biggest underperformance of the Cac 40.